Abstract :
In this study price discovery between spatially separated chicken markets were analyzed. Price data in period from April until August in markets of Tehran, Ghazvin and Zanjan were utilized. For this purpose ,error correction model and directed cyclic graph were employed. The Result of Johanson Test showed that there was a positive interconnectivity within three markets in the long-run . Moreover, results of variance decomposition and DAG illustrated that information from Ghazvin market is critical in price discovery process and other markets were influenced by Ghazvin market. Furthermore, Zanjan market influenced by information of Tehran and Ghazvin markets, while, Tehran market was influenced by Ghazvin Market.
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