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Price clustering in Australian water markets

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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.
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Keywords: G12; Q25; environmental markets; financial markets; price clustering; water markets

Document Type: Research Article

Affiliations: 1: Department of Econometrics and Business Statistics,Monash University, PO Box 197Caulfield EastVictoria 3145, Australia 2: Department of Economics,Monash University, Melbourne, Australia

Publication date: 2013-02-01

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