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PRICE STABILIZATION ON WORLD MARKETS
NonExistence of Rational Expectations
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Price Stabilization on World Agricultural Markets: An Application to the ...
Limited preview - 2012
accepted alternative analysis area harvested assumption cane CNST coefficient cointegrating regression cointegrating vector commodity composite null consumption countries critical values cts/lb Cuba CUSUM-plots denote display distribution domestic markets domestic price Dominican Republic Durbin-Watson Equa equilibrium error terms estimated expected value farmers free market free-trade regime Guyana hence heteroskedasticity imports International Sugar Agreements involuntary stocks ISA-regime lagged linear LNPR logarithms million tons negative Null Hypothesis observations P-values Phillips-Perron tests price equation price expectations price function price stabilization quota in effect quota system rational expectations regression results regressors reject the null residuals root tests significant simulated specification tests stationary stochastic stock data stock demand equations structural change Sugar Act sugar prices Swaziland systematic excess production Table test statistics Tests for Structural tive ISA-re TREND unit root unit root tests Wilcoxon Median CUSUM WOREXC world market price world sugar market world systematic excess WORZ zt+i