caa a22 4500 467895988 CHVBK 20180406152804.0 cr unu---uuuuu 170328e20060301xx s 000 0 eng 10.1007/s00181-005-0015-8 doi (NATIONALLICENCE)springer-10.1007/s00181-005-0015-8 An econometric analysis of the effects of market liberalization on price dynamics and price volatility [Elektronische Daten] [Jean-Paul Chavas, Kwansoo Kim] The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market price is censored by a government-set support price. The model is applied to the U.S. butter market over the last three decades. The econometric results show how the price support program affects both expected prices and the volatility of prices. It is found that the censoring effects of a price support program can be significant and large even if the price support is set relatively low. Springer-Verlag, 2005 Price dynamics nationallicence Censored regression nationallicence Market liberalization nationallicence Price volatility nationallicence Chavas Jean-Paul Department of Agricultural and Applied Economics, University of Wisconsin, Madison, WI, USA aut Kim Kwansoo Department of Agricultural Economics and Rural Development, Seoul National University, Seoul, South Korea aut Empirical Economics Springer-Verlag 31/1(2006-03-01), 65-82 0377-7332 31:1<65 2006 31 181 https://doi.org/10.1007/s00181-005-0015-8 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00181-005-0015-8 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Chavas Jean-Paul Department of Agricultural and Applied Economics, University of Wisconsin, Madison, WI, USA aut NATIONALLICENCE 700 1- Kim Kwansoo Department of Agricultural Economics and Rural Development, Seoul National University, Seoul, South Korea aut NATIONALLICENCE 773 0- Empirical Economics Springer-Verlag 31/1(2006-03-01), 65-82 0377-7332 31:1<65 2006 31 181 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer