| 초록 |
To measure pricing efficiency, we rely on a price variability coefficient, and an absorption capability of a price shock. A price variability coefficient is defined as the differences between real price and its conditional expectation, where conditional expectation is estimated by a GARCH model. An absorption capability of a price shock is recovered by estimating an orthogonal impulse response function of a price derived from a structured VAR model. According to empirical results, we could not find clear empirical evidence supporting the auction system. When price variability is concerned, the auction system is found to be more efficient: 5 out of 8 product prices demonstrate less variabilities under the action system. However, shock absorption capacity, the market wholesalers system is found to be more efficient. Price shocks of 5 out of 8 products are tend to be quickly absorbed under the market wholesalers system. Overall, the findings of this research suggest that the market wholesalers system can be a better alternative transaction system for the agricultural wholesale markets which are currently operated by the auction system in Korea.
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