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Price and volume relationships across water trading zones

机译：跨水贸易区的价格和数量关系

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In the Australian context greater policy reliance has been placed on the role that market based solutions can play in solving problems in the allocation of irrigation water. In Northern Victoria one of the most active areas of water trading is in the Goulburn-Murray Irrigation District. To facilitate water trading in this area an electronic market clearing mechanism exists through the Watermove arrangements. Under the Watermove arrangements the state is divided into regions and trading zones, however most of the trading zones have very little trading activity. This paper explores relationships in price and volumes across the two most active trading zones in the Goulburn-Murray Irrigation District in Northern Victoria. While previous papers have explored spatial dimensions of pricing across trading zones our focus is on relationships driven by price and volume characteristics. An analysis of price and volume relationships across trading zones enables an understanding of whether trading volume in a zone produces more informed prices and enables that zone to take on a price leadership role. Our analysis considers the stationarity properties of the price and volume data across the two trading zones and then estimates VAR models of the price and volume relationships across these trading zones. From the VAR models we are able to conduct both Granger causality tests and variance decomposition analysis. This analysis shows that the most actively traded of the two trading zones (the Greater Goulburn trading zone) plays the key role in price leadership. This finding is broadly consistent with previous research on highly liquid financial markets and suggests that irrigation water markets are developing characteristics similar to more liquid financial markets, giving confidence in their successful operations.
机译：在澳大利亚，更大的政策依赖性在于市场解决方案在解决灌溉水分配问题方面可以发挥的作用。在维多利亚州北部，水贸易最活跃的地区之一是古尔本-默里灌溉区。为了促进该地区的水贸易，通过Watermove安排建立了电子市场清理机制。根据Watermove安排，州分为地区和贸易区，但是大多数贸易区的贸易活动很少。本文探讨了北维多利亚州Goulburn-Murray灌溉区两个最活跃交易区域的价格和数量之间的关系。先前的论文探讨了跨贸易区域定价的空间维度时，我们的重点是由价格和数量特征驱动的关系。通过分析跨交易区域的价格和数量关系，可以了解区域中的交易量是否产生更明智的价格，并使该区域担当价格领导角色。我们的分析考虑了两个交易区域中价格和数量数据的平稳性，然后估计了这些交易区域中价格和数量关系的VAR模型。从VAR模型中，我们能够进行Granger因果检验和方差分解分析。该分析表明，两个交易区中最活跃的交易区（大古尔本交易区）在价格领导中起着关键作用。这一发现与先前对高流动性金融市场的研究大体上一致，并表明灌溉水市场正在发展出与流动性更强的金融市场相似的特征，从而对其成功的运作充满信心。

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