Document Type

Article

Journal/Book Title/Conference

Economics Research Institute Study Paper

Volume

22

Publisher

Utah State University Department of Economics

Publication Date

1999

First Page

1

Last Page

33

Abstract

The concepts of market integration and the law of one price are defined and select cattle markets are examined relative to these definitions using correlation, cointegration, and causality approaches. Cattle-Fax data on five cattle classes, distinguished by sex and weight, were examined over 12 market areas encompassing 19 states. All markets were found to be integrated to some extent, though only a portion perfectly integrated. The law of one price held most often in the lightweight (400-pound) heifers and least often in the heavy (800-pound) steers. The most dominant markets appear to be in the Southwest, with the least dominant markets typically found in the Northwest and Mountain States.


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