Spatial equilibrium, market integration and price exogeneity ... - SciELO

J. econ. finance adm. sci, 17(33), 2012, 31-37 ISSN 2077-1886

Journal of Economics, Finance and Administrative Science Volume 17, Issue 33, December 2012

Journal of Economics, Finance and Administrative Science

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Article

Spatial equilibrium, market integration and price exogeneity in dry fish marketing in Nigeria: A vector auto-regressive (VAR) approach Taiwo E. Mafimisebi Department of Agricultural Economics and Extension, The Federal University of Technology, Akure, Nigeria

ARTICLE INFO

ABSTRACT

Article history: Received August 8, 2011 Accepted June 25, 2012

Fish is the cheapest animal protein source in Nigeria, and dry fish in particular has the potential to solve the pervasive protein shortage problem owing to its relative affordability compared with fresh fish. Boosting dry fish consumption will entail retail price reduction which is achievable only if the market for dry fish operates efficiently. This study, after testing and correcting price series for non-stationarity, modelled marketing efficiency in 66 pairs of spatially separated markets. The unit root test was used to reveal the order of econometric integration of the price series. All price series showed non-stationarity at their levels (P1) and it was tested against H1 = d