Testing the law of one price in the Chinese wholesale food markets
2006
Ahmadi-Esfahani, F.Z.
This study examines whether or not the law of one price (LOOP) holds in the Chinese wholesale food markets. Specifically, several integration models, including the Ravallion model, will be used to evaluate pricing efficiency in a number of major wholesale food markets in Beijing, Nanjing, Shanghai, and Shenzhen over the period 1993 to 1999. The estimation results tend to indicate that, generally speaking, the LOOP does not hold in most of these markets. The policy implications of the analysis for the further reform of wholesale food marketing are explored.
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