Table VI The result of ADF tests for l n...

Table VI

The result of ADF tests for $l n S_{t}^{p}$ ⁠, $l n P_{t}^{p}$ and $l n P_{t}^{c}$

Variable	ADF test statistic	(c, t, k)	5% level	Conclusion
$l n S_{t}^{p}$	−1.340	(c, 0, 1)	−2.913	Non-Stationary
$d . l n S_{t}^{p}$	−4.768	(c, 0, 1)	−2.914	Stationary
$l n P_{t}^{p}$	−2.346	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{p}$	−4.630	(c, 0, 1)	−2.914	Stationary
$l n P_{t}^{c}$	−1.175	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{c}$	−4.439	(c, 0, 1)	−2.914	Stationary

Variable	ADF test statistic	(c, t, k)	5% level	Conclusion
$l n S_{t}^{p}$	−1.340	(c, 0, 1)	−2.913	Non-Stationary
$d . l n S_{t}^{p}$	−4.768	(c, 0, 1)	−2.914	Stationary
$l n P_{t}^{p}$	−2.346	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{p}$	−4.630	(c, 0, 1)	−2.914	Stationary
$l n P_{t}^{c}$	−1.175	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{c}$	−4.439	(c, 0, 1)	−2.914	Stationary

Notes: $l n S_{t}^{p}$ ⁠, $l n P_{t}^{p}$ and $l n P_{t}^{c}$ denote the logarithmic series of the amount of monthly pig breeding stock, pig price and corn price, respectively. c is constant, t represents trend and k is lag length. The sample period covers from June 2009 to June 2015

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