Error correction model regression results
| Independent variable | (1) | (2) |
|---|---|---|
| Farm ∼ processing | Retail ∼ processing | |
| Δln(processing(t)) | Δln(processing(t)) | |
| (Intercept) | 0.000 (0.001) | −0.002 (0.002) |
| ECT(t−1)+ | −0.082 (0.062) | 0.169 (0.130) |
| ECT(t−1)− | −0.255*** (0.071) | −0.476*** (0.124) |
| Number of lags | 6 | 3 |
| Test of asymmetry (H0: ECT+ = ECT−) | ||
| F-test stat | 3.018 | 9.551 |
| p-value | 0.084* | 0.002*** |
| Independent variable | (1) | (2) |
|---|---|---|
| Farm ∼ processing | Retail ∼ processing | |
| Δln(processing(t)) | Δln(processing(t)) | |
| (Intercept) | 0.000 (0.001) | −0.002 (0.002) |
| ECT(t−1)+ | −0.082 (0.062) | 0.169 (0.130) |
| ECT(t−1)− | −0.255*** (0.071) | −0.476*** (0.124) |
| Number of lags | 6 | 3 |
| Test of asymmetry (H0: ECT+ = ECT−) | ||
| 3.018 | 9.551 | |
| 0.084* | 0.002*** | |
Note(s): The number of lagged price variables was selected using the Akaike information criteria. Standard errors in parenthesis. Asterisks denote significance at 10% (*), 5% (**), and 1% (***) levels
Source(s): Authors’ own work
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