| 초록 |
Price transmission along the marketing channels is a longstanding and important issues in agricultural marketing. In recent years, this issue has become more important and complex given that grocery retailing is getting increasingly concentrated and retailers’ behavior may have more significant implications for producers and consumers. To address this issue, this study investigates the existence of price asymmetry between wholesale and two retail distribution channels (mass merchandise and butcher shop) prices of pork in Korea. Autoregressive distributed lag and asymmetric error correction models were estimated to analyze wholesale-retail price transmission using domestic and imported pork price daily data from January 2017 to March 2020. Asymmetry is tested both for the sum of price adjustments and the speed of price adjustments. Results show that traditional market prices respond similarity to wholesale price decreases and increases both in the short- and long-term relationship. In the short-term relationship, positive asymmetric price transmission was found in mass merchandise retailers. Overall, our results indicate that there is significant difference between traditional market (butcher shop) and mass merchandise retailers’ response to wholesale price and the pork market is inefficient.
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