ASYMMETRIC PRICE BEHAVIOR IN BURDUR MILK MARKET

Abstract

Information has a significant position in economic literature. Classical economic theory assumes that decision-making units have complete information. In the absence of market interventions, the market is in equilibrium. In the case of intervention in the market, it is claimed that the scarce resources are not used effectively, that is, the pareto optimum is not achieved and market failure is experienced. One of the reasons of market failure is asymmetric information. Asymmetric information is the situation in which one of the decision units in the market has more information than the other. Therefore, decision units can take their decisions under the condition of imperfect information. The existence of imperfect information impairs the symmetry of information among the parties. The aim of the study is to examine the asymmetric price structure of the milk market in Burdur province, which ranks 19th in the number of animals, 10th in the amount of milk produced and 1st in the amount of milk obtained per cattle. In the study, the long-term correlation between producer and consumer price series was analyzed using co-integration analysis, and the short-term correlation was analyzed using error correction model. As a result of the analysis, a statistically significant relationship was found between the lagged values of the positive error terms (ECT+) and the lagged values of the negative error terms (ECT-). When the absolute values of the calculated error terms were compared, it was determined that the absolute value of ECT- was greater than ECT+. In the analysis, it is concluded that retailers react more quickly to a shock that narrows their profit margins than to a shock that expands the margins.

Keywords

• Milk Industry
• Asymmetric Information
• Co-integration Analysis
• Error Correction Model

Project Number

0447-YL-17

BURDUR İLİ SÜT PİYASASINDA ASİMETRİK FİYAT DAVRANIŞI

Abstract

Bilgi, iktisat literatüründe önemli bir yere sahiptir. Klasik iktisat teorisi, iktisadi karar birimlerinin tam bilgiye sahip olduklarını varsaymaktadır ve piyasaya müdahalenin olmadığı durumda piyasa dengededir. Piyasaya müdahalenin olduğu durumda ise kıt kaynakların etkin kullanılmadığı yani pareto optimumum sağlanmadığı ve piyasa başarısızlığının yaşandığını ileri sürülmektedir. Piyasa başarısızlığının nedenlerinden biri asimetrik bilgidir. Asimetrik bilgi, piyasada bulunan karar birimlerinden birinin diğerine göre daha fazla bilgiye sahip olma durumudur. Dolayısıyla karar birimleri kararlarını eksik bilgi ile alabilmektedirler. Eksik bilginin varlığı taraflar arasındaki bilgi simetrisini bozmaktadır. Çalışmanın amacı, hayvan sayısında 19’uncu, süt miktarında 10’uncu ve büyük baş hayvandan elde edilen süt miktarında ise 1’inci sırada yer alan Burdur ili süt piyasasının asimetrik fiyat yapısını incelemektir. Çalışmada, üretici ve tüketici fiyat serileri arasındaki uzun dönemli ilişki eşbütünleşme analizi kullanılarak kısa dönemli ilişki ise hata düzeltme modeli kullanılarak analiz edilmiştir. Yapılan analiz sonucunda, pozitif hata terimlerinin (ECT+) gecikmeli değerleri ile negatif hata terimlerinin (ECT-) gecikmeli değerleri arasında istatistiki olarak anlamlı bir ilişki bulunmuştur. Hesaplanan hata terimlerinin mutlak değerleri karşılaştırıldığında, ECT-‘ye ait mutlak değerin ECT+’dan büyük olduğu tespit edilmiştir. Analizde, perakendecilerin kar marjlarını daraltıcı şoka kar marjını genişletici şoktan daha hızlı tepki verdiği sonucuna ulaşılmıştır.

Keywords

• Süt Sektörü
• Asimetrik Bilgi
• Eşbütünleşme Analizi
• Hata Düzeltme Modeli

Supporting Institution

Burduru Mehmet Akif Ersoy Üniversitesi BAP Koordinatörlüğü

Project Number

0447-YL-17

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