Economics Research Institute Study Paper
Utah State University Department of Economics
Lead/lag relationships were identified for six cattle classes using Cattle-Fax data, for twelve markets. The relationships were either endogeneity/endogeneity (feedback), endogeneity/exogeneity (unidirectional), exogeneity/exogeneity (no causality) relationships. Feedback relationships were the most common, while only one case of no causality was identified. The long-run equilibrium was mainly driven by prices with a feedback relationship with all or most of the prices. Generally, markets with large cattle numbers led the others, and had more influence on the long-run equilibrium with a few exceptions.
Muwanga, Gertrude S. and Snyder, Donald L., "A Note on Exogeneity and Endogeneity of Prices in Selected Cattle Markets" (1997). Economic Research Institute Study Papers. Paper 133.