Regional Price Dynamics and Market Integration in the U.S. Beef Industry: An Econometric Analysis
美国牛肉业的区域价格动态与市场整合
The United States, a leading global producer and consumer of beef, continues to face substantial challenges in achieving price harmonization across its regional markets. This paper evaluates the validity of the Law of One Price (LOP) in the U.S. beef industry and investigates causal relationships among regional price dynamics. Through a series of econometric tests, we establish that regional price series are integrated of order one, displaying non-stationarity in levels and…