COINTEGRATION, ERROR CORRECTION, AND THE MEASUREMENT OF OLIGOPSONY CONDUCT IN THE U.S. CATTLE MARKET
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US cattle producers often claim that cattle prices are below competitive levels. In this paper, short-run and long-run oligopsony conduct is estimated by utilizing an oligopsony dynamic model. Results of time-series analysis indicate that the hypothesis of competitive conduct in the short-run and in the long-run cannot be rejected.