caa a22 4500 397559283 CHVBK 20180308164812.0 cr unu---uuuuu 161202e199610 xx s 000 0 eng 10.1093/oxfordjournals.jae.a020912 doi (NATIONALLICENCE)oxford-10.1093/oxfordjournals.jae.a020912 The Spatial Integration of Livestock Markets in Niger [Elektronische Daten] [Marcel Fafchamps, Sarah Gavian] Livestock makes an important contribution to the livelihood of Sahelian farmers and herders and is a source of self-insurance against income shocks. By allocating livestock efficiently over space, spatial market integration should foster a sustainable use of pasture resources. It is also expected to favour the sharing of risk across regions by smoothing idiosyncratic price variations. Using monthly livestock price data from Niger, we show that livestock markets are poorly integrated. Prices are seldom cointegrated, suggesting that large price differentials occasionally persist between adjacent areas for long periods of time. A parity bounds approach indicates that one has to assume high transportation costs and large quality variations to reconcile the data with efficient spatial arbitrage. These results confirm descriptive studies that have emphasised regional segmentation in West African livestock trade. © Centre for the Study of African Economies Articles nationallicence Fafchamps Marcel Food Research Institute, Stanford University Stanford, CA 94305-6084 aut Gavian Sarah International Livestock Centre for Africa P.O. Box 5689, Addis Ababa, Ethiopia aut Journal of African Economies Oxford University Press 5/3(1996-10), 366-405 0963-8024 5:3<366 1996 5 jafeco https://doi.org/10.1093/oxfordjournals.jae.a020912 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/oxfordjournals.jae.a020912 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Fafchamps Marcel Food Research Institute, Stanford University Stanford, CA 94305-6084 aut NATIONALLICENCE 700 1- Gavian Sarah International Livestock Centre for Africa P.O. Box 5689, Addis Ababa, Ethiopia aut NATIONALLICENCE 773 0- Journal of African Economies Oxford University Press 5/3(1996-10), 366-405 0963-8024 5:3<366 1996 5 jafeco Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford