Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

Do universities need more conservative thinkers?

Geronimus says black-white differences in mortality "help silence black voices in the electorate"

Starr critical of risk assessment scores for sentencing

Highlights

Presentation on multilevel modeling using Stata, July 26th, noon, 6050 ISR

Frey's new report explores how the changing US electorate could shape the next 5 presidential elections, 2016 to 2032

U-M's Data Science Initiative offers expanded consulting services via CSCAR

Elizabeth Bruch promoted to Associate Professor

Next Brown Bag

PSC Brown Bags
will resume fall 2016

Market Emergence and Transition: Transaction Costs, Arbitrage and Autarky in China's Grain Market.

Publication Abstract

Park, Albert F., Hehui Jin, Scott Rozelle, and Jikun Huang. 2002. "Market Emergence and Transition: Transaction Costs, Arbitrage and Autarky in China's Grain Market." American Journal of Agricultural Economics, 84(1): 67-82.

Using trimonthly Chinese provincial grain prices from 1988 to 1995, we estimate a parity-bounds model of interregional trade for four subperiods to characterize how multiple aspects of market performance change during the process of economic transition. For each period, we estimate the extent to which arbitrage opportunities are realized by traders, the transaction costs between location pairs, and the likelihood that regions do not trade. Trade restrictions cannot explain the pattern of uneven market development over time. Infrastructure bottlenecks, managerial incentive reforms, and production specialization policies, all were likely important factors affecting market performance.

Browse | Search : All Pubs | Next