• Title/Summary/Keyword: wholesale price

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Estimation of Market Power of the Wholesale and Retail Levels in the Domestic Beef Market (국산 쇠고기의 유통단계별 시장지배력 측정)

  • Jeon, Sang-Gon;Chai, Sang-Hyen;Kim, Hyun-Jung
    • Journal of agriculture & life science
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    • v.44 no.6
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    • pp.201-211
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    • 2010
  • This paper estimates the degree of market power of marketers in the Korean beef market, especially focusing on wholesale and retail marketing levels. Prices in various marketing levels show that there is a possibility of more price differentials than marketing costs in the Korean beef market. Annual price and quantity data are used to estimate the degree of market power in the wholesale and retail levels. The empirical results show that the domestic beef retail market is far from perfect competition and the wholesale market is relatively near to perfect competition.

Reproduction and marketing plans for improving profitability of Korean native cattle (Hanwoo) farm (한우 농가 수익성 향상을 위한 번식 및 출하 계획)

  • Choi, Inchul;Cho, Jaesung
    • Journal of Embryo Transfer
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    • v.31 no.3
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    • pp.267-272
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    • 2016
  • Wholesale beef price is the critical factor for determining Korean native cattle, Hanwoo, farm's income in short-term. Wholesale beef price has seasonality due to high demand in Korean traditional holidays such as Korean thanksgiving day and lunar new year's day. Therefore, it is important to make reproduction and marketing plans for Korean Hanwoo farmers, in order to increase their farm income. However, there is no study available on changes in the expected farm income depending on reproduction and marketing schedules. This study analyzed the expected farm income per head depending on the monthly-based marketing schedules. The analysis was conducted based on the seasonality of wholesale beef price, reproduction efficiency, operating costs, relationship between carcass grade and slaughter age. The result shows that slaughter Hanwoo at the age of 29 months-old in August and January generating the highest expected farm income per head.

Estimating Optimized Bidding Price in Virtual Electricity Wholesale Market (가상 전력 도매 시장의 최적 경매 가격 예측)

  • Shin, Su-Jin;Lee, SeHoon;Kwon, Yun-Jung;Cha, Jae-Gang;Moon, Il-Chul
    • Journal of Korean Institute of Industrial Engineers
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    • v.39 no.6
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    • pp.562-576
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    • 2013
  • Power TAC (Power Trading Agent Competition) is an agent-based simulation for competitions between electricity brokering agents on the smart grid. To win the competition, agents obtain electricity from the electricity wholesale market among the power plants. In this operation, a key to success is balancing the demand of the customer and the supply from the plants because any imbalance results in a significant penalty to the brokering agent. Given the bidding on the wholesale market requires the price and the quantity on the electricity, this paper proposes four different price estimation strategies: exponentially moving average, linear regression, fuzzy logic, and support vector regression. Our evaluations with the competition simulation show which strategy is better than which, and which strategy wins in the free-for-all situations. This result is a crucial component in designing an electricity brokering agent in both Power TAC and the real world.

Comparison of forecasting performance of time series models for the wholesale price of dried red peppers: focused on ARX and EGARCH

  • Lee, Hyungyoug;Hong, Seungjee;Yeo, Minsu
    • Korean Journal of Agricultural Science
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    • v.45 no.4
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    • pp.859-870
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    • 2018
  • Dried red peppers are a staple agricultural product used in Korean cuisine and as such, are an important aspect of agricultural producers' income. Correctly forecasting both their supply and demand situations and price is very important in terms of the producers' income and consumer price stability. The primary objective of this study was to compare the performance of time series forecasting models for dried red peppers in Korea. In this study, three models (an autoregressive model with exogenous variables [ARX], AR-exponential generalized autoregressive conditional heteroscedasticity [EGARCH], and ARX-EGARCH) are presented for forecasting the wholesale price of dried red peppers. As a result of the analysis, it was shown that the ARX model and ARX-EGARCH model, each of which adopt both the rolling window and the adding approach and use the agricultural cooperatives price as the exogenous variable, showed a better forecasting performance compared to the autoregressive model (AR)-EGARCH model. Based on the estimation methods and results, there was no significant difference in the accuracy of the estimation between the rolling window and adding approach. In the case of dried red peppers, there is limitation in building the price forecasting models with a market-structured approach. In this regard, estimating a forecasting model using only price data and identifying the forecast performance can be expected to complement the current pricing forecast model which relies on market shipments.

A Comparison of Predictive Power among Forecasting Models of Monthly Frozen Mackerel Consumer Price Models (냉동 고등어 소비자가격 모형 간 예측력 비교)

  • Jeong, Min-Gyeong;Nam, Jong-Oh
    • The Journal of Fisheries Business Administration
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    • v.52 no.4
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    • pp.13-28
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    • 2021
  • The purpose of this study is to compare short-term price predictive power among ARMA ARMAX and VAR forecasting models based on the MDM test using monthly consumer price data of frozen mackerel. This study also aims to help policymakers and economic actors make reasonable choices in the market on monthly consumer price of frozen mackerel. To analyze this study, the frozen wholesale prices and new consumer prices were used as variables while the price time series data were used from December 2013 to July 2021. Through the unit root test, it was confirmed that the time series variables employed in the models were stable while the level variables were used for analysis. As a result of conducting information standards and Granger causality tests, it was found that the wholesale prices and fresh consumer prices from the previous month have affected the frozen consumer prices. Then, the model with the highest predictive power was selected by RMSE, RMSPE, MAE, MAPE, and Theil's inequality coefficient criteria where the predictive power was compared by the MDM test in order to examine which model is superior. As a result of the analysis, ARMAX(1,1) with the frozen wholesale, ARMAX(1,1) with the fresh consumer model and VAR model were selected. Through the five criteria and MDM tests, the VAR model was selected as the superior model in predicting the monthly consumer price of frozen mackerel.

A Study on the Fisheries Marketing Channels (수산물 마아케팅 경로(FMC)에 관한 연구)

  • 강연실
    • The Journal of Fisheries Business Administration
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    • v.23 no.2
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    • pp.101-128
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    • 1992
  • How to distribute fisheries catches from producer to consumer is very important for everybody joined fisheries marketing channels (FMC), because most people are influenced their revenue and expenditure through marketing channels. Many institutions in Korea after 1960's have tried to develop the rationalization of FMC, but they have not gotten the satisfactory results in general in spite of a lot fruits. Comparing with general manufacturing industry, the fisheries industry has some specializations in the marketing channels. It makes them unique structure included wholesale market system similiar to fresh (perishable) food market with expertised technology. Wholesale market collects, distributes the fisheries catches and evaluates in by auction or bidding without consideration of producer's opinion. It is very necessary institution to make a decision to equatible price for fresh food and to play an important role for marketing effectiveness with minimum total transation and with massed reserve among institutions. But it has two weak points to increase the marketing cost and to make products bad fresh (perishable). Therefore, both Producer and consumer want to find the direct channels not to pass through wholesale market and to get more profit. I wanted to explain what problems of traditional FMC are and why the direct channel is necessary as follows in this paper. Chapter II : The types and specialization of FMC Chapter III : The structure and problem of fisheries wholesale market channel Chapter IV Marketing cost of FMC and direct channel I suggested when the direct channel in FMC is designed, new planner must carry out marketing functions which are performanced by wholesaler, middle man and the joined members of auction at wholesale market. In view of consumption area, these functions are : (1) the finding of production partner to make a business ; (2) communication of information ; (3) collecting ; (4) distribution ; (5) selecting and grading ; (6) evaluating ; (7) financing and payment ; (8) organization, in view of consumption area. The government must support also the group or individual of new direct channels to succeed it with (1) furnishing of market information (2) supplying of land and facility (3) financing (4) feed-back of dierct channels totally (5) making an opportunity of communication between producer and consumer. I want to emphasize again wholesale market is necessary and important institution for equatible price of fresh food in spite of the its weak points. At the same time. the direct channels are necessary to reduce the marketing cost and to keep better fresh food.

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A Causality Analysis of the Tangerine Market by Distribution Channel (감귤시장의 유통단계별 가격 인과성 분석)

  • Kang, Seok-Kyu;Ko, Bong-Hyun
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.19 no.3
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    • pp.376-381
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    • 2018
  • The purpose of this study is to investigate price transmissions between wholesale and retail markets regarding Jeju tangerines by employing co-integration analysis and vector error correction model. The results of this study are summarized as follows: First, the long-run equilibrium relationship was found among wholesale and retail markets in time series for level by distribution channel. Second, a short-run causality relationship was observed between wholesale and retail markets. Third, the long-run causality relationship between wholesale market and retail markets was found bidirectional and feedback effect. These results imply that the wholesale price performs a central role in establishing price in the tangerine market, and the wholesale market influences tangerine price. In conclusion, for the development of a competitive tangerine industry, it is necessary to aggressively promote the policy of supply and demand control of tangerine production through organizing producers.

A Study on Price Asymmetries in Local Petroleum Markets (석유제품의 가격 비대칭성에 관한 연구)

  • Kim, Jin Hyung
    • Environmental and Resource Economics Review
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    • v.16 no.4
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    • pp.833-854
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    • 2007
  • Output prices tend to respond faster to input price increases than to decreases. The 'rockets and feathers' hypothesis of asymmetric price behavior in petroleum market is tested by a full adjustment error correction model. Using monthly data for the period January 1977 to June 2006, evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to increases and to decreases in crude oil price. A similar hypothesis in regard to the exchange rate is also rejected by the data. Using weekly data over the period examined, evidence of asymmetry for gasoline, diesel and heating oil is also found in the transmission of price changes from wholesale to retail: retail prices increase more quickly in response to the wholesale price increases than to wholesale price decreases.

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TAR and M-TAR Error Correction Models for Asymmetric Gasoline Price in Korea (TAR와 M-TAR 오차수정모형을 이용한 국내 휘발유가격의 비대칭성 분석)

  • Lee, Yang Seob
    • Environmental and Resource Economics Review
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    • v.17 no.4
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    • pp.813-843
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    • 2008
  • This paper investigates the presence of long-run and short-run price asymmetries in weekly gasoline prices from January 1997 to July 2008. In accordance with distribution channels, wholesale and retail stages are analyzed separately. An approach based on TAR and M-TAR cointegration tests, which entail matching asymmetric ECMs, is employed. For wholesale prices, asymmetries in the links with crude oil prices and exchange rates are found for both ECMs in the long-run and short-run. Exchange rates appear to play more significant role than crude oil prices in explaining the short-run price asymmetry. The rise in crude oil prices or exchange rates has statistically significant major impact on the increase of wholesale prices on the second week, not immediately as expected in the concept of 'rockets and feathers'. And asymmetrically, the fall does not have any statistically significant effect on the same period. The finding seems to be somewhat unusual. However, for retail prices, asymmetry m connection with wholesale prices is only revealed in the long-run. A symmetric price adjustment can be assumed in the short-run. Contrary to the long-run asymmetry found in the wholesale stage, in the retail stage, the speed of adjustment for negative deviations toward long-run equilibrium is faster than for positive ones, which is a phenomenon not favorable to consumers.

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Supply Chain Coordination Under the Cap-and-trade Emissions Regulation (탄소배출권거래제도에서의 공급망 조정 모형)

  • Min, Daiki
    • Journal of Korean Institute of Industrial Engineers
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    • v.41 no.3
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    • pp.243-252
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    • 2015
  • This paper considers a supply chain consisting of a manufacturer under the cap-and-trade emissions regulation and a permit supplier. We study joint production quantity and investment in reducing permit production cost decisions for centralized and decentralized supply chains. We formulate two supply chain contracts with aims to coordinate the decentralized supply chain; wholesale price contract and cost-sharing contract. Under the cost-sharing contract, the manufacturer shares a part of the investment in reducing permit production cost and then is allowed to purchase emission permit at a lower price. We analytically find that the proposed cost-sharing contract with reasonable parameters can coordinate the supply chain whereas the wholesale price contract is not desirable to achieve the system-wide profit. Numerical example is followed to support the analysis.