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Price clustering in Australian water markets |
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| Authors: | Robert Brooks Edwyna Harris Yovina Joymungul |
| Affiliation: | 1. Department of Econometrics and Business Statistics , Monash University , PO Box 197, Caulfield East, Victoria 3145, Australia robert.brooks@buseco.monash.edu.au;3. Department of Economics , Monash University , Melbourne, Australia;4. Department of Econometrics and Business Statistics , Monash University , PO Box 197, Caulfield East, Victoria 3145, Australia |
| Abstract: | The finding of clustering in financial prices on particular digits is common across a broad range of financial markets. This article explores whether price clustering is also present in the case of the weekly market for seasonal water in rural Victoria, Australia. We find a similar degree of clustering in the seasonal water market. This suggests that the trading activities of the market produce characteristics that are similar to more sophisticated and deeper financial markets. |
| Keywords: | water markets price clustering environmental markets financial markets |