著者：Wenchao Wu, Hsiaoping Chien, Takeshi Sakurai, Satoru Muranaka
掲載誌：British Food Journal, 121 (11), 2730-2745
Nigeria, Market structure, Asymmetric price transmission, Cowpea
The purpose of this paper is to examine the asymmetry of vertical price transmission (i.e. from the wholesale to the retail market) in the Nigerian cowpea market and identify its causes. The authors surveyed 19 markets in Kano and Ibadan from 2012 to 2015. The autoregressive distributed lag model and asymmetric error correction model were adopted to test the asymmetry of vertical price transmission. Results suggest that price transmission in Kano is symmetric, but it is asymmetric in Ibadan. This distinction is caused by the differences in the market structure (in terms of competition level, inventory period and transaction cost) of these cities. This is the first study to empirically investigate the vertical price transmission in two Nigerian cowpea markets. It is also the first to reveal the role of the market structure in price transmission through a comparison of two markets. The findings provide policy implications and will help create a more efficient food market in Nigeria.