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Determination of the Price in the Fresh Fruit Market: Case of Pears

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Determination of the Price in the Fresh Fruit Market: Case of Pears DeterminationRev. FCA UNCUYO. of the2020. price 52(1): in the225-232. fruit marketISSN (en fresh: línea) case1853-8665. of pears Determination of the price in the fresh fruit market: case of pears Determinación del precio en el mercado de frutas frescas: caso de peras Miguel Ángel Giacinti Battistuzzi 1*, José Ramos Pires Manso 2, Jaime de Pablo Valenciano 3 Originales: Recepción: 10/11/2018 - Aceptación: 19/06/2019 Nota científica Abstract This document aims to evaluate the determinants of the price of pears in the interna- tional fresh fruit market, from an innovative vision in a complex world. The panel data methodology was applied. The variables considered were the different prices (CIF/kg) of pear, apple and stone fruits, their per capita consumptions, real per capita income, consumer price indexes and real exchange rates. Pear consumption responds especially to apple consumption, but also to prices of apples and peaches, real per capita income, consumer price indexes and countries’ exchange rates. This might imply improving giving new impetus to studies on the price of fruits and foods with a new vision. commercial efficiency in international trade, effective budgets in price formation, and Keywords pears • apples • peaches • CIF import price 1 Gabinete MAG: acrónimo de Miguel Angel Giacinti. Argentina. Centenario. Q8309. Argentina. * [email protected] 2 University of Beira Interior (Portugal). University Beira Interior (UBI). Est. Sineiro s/n 6200209 Covilha. Portugal. NECE: Research Center in Business Sciences, is a Department of Management and Economics the University of Beira Interior (UBI) [email protected] 3 University of Almeria. Cañada de San Urbano. 04120 Almería. Spain. [email protected] Tomo 52 • N° 1 • 2020 225 M. Á. Giacinti Battistuzzi et al. Resumen Este documento tiene como objetivo evaluar los determinantes del precio de la pera en el mercado internacional, en la demanda en fresco; desde una visión innovadora en un mundo global y complejo. Se aplica la metodología de panel de datos. Las variables consideradas son los diferentes precios de importación (CIF/kg) de pera, manzana y duraznos; sus consumos per cápita, ingresos reales per cápita, índices de precios al en el comercio internacional, presupuestos efectivos en la formación de precios, además deconsumidor dar un nuevo y tasas impulso de cambio a los deestudios los países. sobre Esto el precio implica de mejorar las frutas la eficienciay los alimentos comercial con una nueva visión. Keywords peras • manzanas • duraznos • precio importación CIF Introduction The historical paradigm in the fruit link between prices of pear and apple, as is market is that the main determinant of the case of (Wani et al. the sale price is the volume of supply change in the fresh fruit market can be driven of the same product. It responds to a by the emergence of 2015).new consumptionA significant simple model, with direct relationship, preferences (4, 9, 17, 26, 27, 29). offer and price. Numerous studies This contrasts with the recent opinion provide information on price elasticity in of some commercial operators of the inter- fruits (2, 7, 12, 18, 19, 20, 30). national fruit business, at least partially. Also many studies indicate that demographic factors and economic for pears is not based on their volume of supply,They point but outon thethat price the definition of late peaches of price at fruits (1, 3, 5, 8, 11, 15). the beginning of the pears harvest, and growthLiterature also influence on the topic the consumptionshows publica of- then on the supply of apples for the rest tions on the demand of apples and pears, of the season. at the level of individual countries and not The discussion with people linked to the globally (Vosloo and Groenewald 1969, international trade of fruits (mainly pears Tunstal and Quilkey 1990 and Kavitha and apples), highlight the importance of et al. 2016). Vosloo and Groenewald (1969) evaluating this new vision in the formation focused on the apple demand analysis of the sale price in a globalized environment, in South Africa, where the availability thinking that perhaps changes in trade of pears and oranges is considered as a are evident and that currently they are factor explaining the price of apples. not considered in a commercial planning. On the other hand, Tunstal and Quilkey (1990), used the disappearance of storage , Pear pears to explain the average monthly BureauFor an improvementNorthwest inPresident the efficiency (22), price of apples in the Victorian wholesale commentsof the value on chain.a favourable Kevin Moffitt opinion to market. Other investigations explain the relaunch the research on price behaviour. Revista de la Facultad de Ciencias Agrarias 226 Determination of the price in the fruit market fresh: case of pears This situation encouraged the project Insurance and Freight) allowed avoiding of a structural and comprehensive asymmetries of wholesale and retail prices. analysis on the determination of the main As stated by Greene (2012), Maddala, factors in the price of pears worldwide, G. S. (2001), Hsiao et al. (1999), in combining the offer of both hemispheres statistics and econometrics, panel data -north and south. The novelty is the (or longitudinal data) refers to multi- analysis based on world trade, in relation dimensional data frequently involving to other fruits -analysing peaches and measurements over time, containing apples- and economic variables of the observations of multiple phenomena main importing countries - per capita real obtained over multiple time periods income, price indexes and actual annual country exchange rates. or individuals. Time series and cross-sectionalfor the same firms,data are regions, special countries cases of panel data that are in one dimension with Materials and methods only one panel member or individual for the former, one time point for the latter. Our analysis used yearly data from the Panel data analysis is a statistical method, period 1990-2015. The sample panel was generally used in social sciences, epide- composed of 18 countries, the main world miology, energy and econometrics, which importers in the international demand deals with two and "n"-dimensional (in and for fresh pears: Brazil, Canada, Denmark, by the cross sectional/times series time) France, Germany, India, Indonesia, Italy, panel data. The data are usually collected Malaysia, Mexico, Portugal, Russian over time and over the same "individuals". Federation, Saudi Arabia, Singapore, Then a regression is run over these two Spain, Sweden, UK and USA. China and dimensions. Multidimensional analysis is Argentina are the main exporters, but have an econometric method in which data are low relevance as importers worldwide. collected over more than two dimensions This research focused on demand factors (typically, time, individuals, and some from the main importing countries. The variables considered for the panel data regression model looks like analysis were pear prices (cif/kg), per third dimensions). A simplified common capita consumptions of pears, apples yit=a+bxit+εit and stone fruits, per capita real income, consumption price indexes and real where: annual country exchange rates (local y = the dependent variable currency per USD). The data source x = the independent variable was the World Development Indicators a and (28). As usual, all the values were i and t = indices for individuals and time. converted in their natural logarithms, b = the coefficients it is subject for hypothesis. to facilitate data handling and computer Assumptions about this error term processing.to reduce variability, Logistics ofand perishable were codified foods The error ε in the domestic market affects prices and determine whether we speak of fixed consumer availability (23), for this reason it, is assumed to vary choosing of the import price (cif: Cost non-stochasticallyeffects or random over effects. i or t makingIn a fixed the effects' model, ε Tomo 52 • N° 1 • 2020 227 M. Á. Giacinti Battistuzzi et al. where: variable model in one dimension. In a y = the dependent variable fixed effects model similar to a dummy it is assumed to vary X = a vector of regressors stochastically over i or t requiring special b treatmentrandom effects' of the model, error variance ε matrix. e = the error term. Panel data analysis has three more-or- = a vector of coefficients less independent approaches: indepen- We have two estimators for b, b0 and b1. dently pooled panels, used as benchmark, Under the null hypothesis, both estimators are consistent, but b1 is models ( smallest asymptotic variance), at least selectionrandom effects between models these methodsand fixed depends effects in the class of estimatorsefficient containing (has the or first differenced models). The upon the objective of the analysis, and the b0. Under the alternative hypothesis, problems concerning the exogeneity of b0 is consistent, whereas b1 is not. The the explanatory variables. Wu-Hausman statistic The main assumption of the indepen- (1) dently pooled panels is that there are no is defined as: 1 † unique attributes of individuals within the H = (b1-b0) (Var(b0)-Var(b1)) (b1-b0), measurement set, and no universal effects across time. On his turn, the key assumption where: † = denotes the Moore-Penrose pseudo- as Least Squares Dummy Variable Model inverse. Under the null hypothesis, this (LSDVM),of the fixed is effect that models there (FEM),are unique also known attri- statistic has asymptotically the chi-squared butes of individuals that are not the results distribution with the number of degrees of of random variation and that do not vary freedom equal to the rank of matrix Var(b0) across time. To draw inferences only about - Var(b1). If we reject the null hypothesis, the examined individuals, is adequate. it means that b1 is inconsistent. This test The main statement of the random effect can be used to check for the endogeneity models (REM) is that there are unique, time of a variable (by comparing instrumental constant attributes of individuals that are variable (IV) estimates to ordinary least the results of random variation and do not squares (OLS) estimates).
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