Testing the law of one price in food markets: evidence for Colombia using disaggregated data

This paper applies stationarity tests to examine evidence of market integration for a relatively large sample of food products in Colombia. We Önd little support for market integration when using the univariate KPSS tests for stationarity. However, within a panel context and after allowing for cross sectional dependence, the Hadri tests provide much more evidence supporting the view that food markets are integrated or, in other words, that the law of one price holds for most products.

Information provision in procurement auctions

We analyze the optimal provision of information in a procurement auction with horizontally differentiated goods. The buyer has private information about her preferred location on the product space and has access to a costless communication device. A seller who pays the entry cost may submit a bid comprising a location and a minimum price. We characterize the optimal information structure and show that the buyer prefers to attract only two bids. Further, additional sellers are inefficient since they reduce total and consumer surplus, gross of entry costs. We show that the buyer will not find it optimal to send public information to all sellers. On the other hand, she may profit from setting a minimum price and that a severe hold-up problem arises if she lacks commitment to set up the rules of the auction ex-ante.

Stratigraphy of the Campanian-Maastrichtian boundary in ODP Hole 122-762C

An integrated framework of magnetostratigraphy, calcareous microfossil bio-events, cyclostratigraphy and d13C stratigraphy is established for the upper Campanian-Maastrichtian of ODP Hole 762C (Exmouth Plateau, Northwestern Australian margin). Bulk-carbonate d13C events and nannofossil bio-events have been recorded and plotted against magnetostratigraphy, and provided absolute ages using the results of the cyclostratigraphic study and the recent astronomical calibration of the Maastrichtian. Thirteen carbon-isotope events and 40 nannofossil bio-events are recognized and calibrated with cyclostratigraphy, as well as 14 previously published foraminifer events, thus constituting a solid basis for large-scale correlations. Results show that this site is characterized by a nearly continuous sedimentation from the upper Campanian to the K-Pg boundary, except for a 500 kyr gap in magnetochron C31n. Correlation of the age-calibrated d13C profile of ODP Hole 762C to the d13C profile of the Tercis les Bains section, Global Stratotype Section and Point of the Campanian-Maastrichtian boundary (CMB), allowed a precise recognition and dating of this stage boundary at 72.15 ± 0.05 Ma. This accounts for a total duration of 6.15 ± 0.05 Ma for the Maastrichtian stage. Correlation of the boundary level with northwest Germany shows that the CMB as defined at the GSSP is ~800 kyr younger than the CMB as defined by Belemnite zonation in the Boreal realm. ODP Hole 762C is the first section to bear at the same time an excellent recovery of sediments throughout the upper Campanian-Maastrichtian, a precise and well-defined magnetostratigraphy, a high-resolution record of carbon isotope events and calcareous plankton biostratigraphy, and a cyclostratigraphic study tied to the La2010a astronomical solution. This section is thus proposed as an excellent reference for the upper Campanian-Maastrichtian in the Indian Ocean.