Abstract
There are two sorts of surveyed rice prices at farm level: one is by the National Agricultural Products Quality Management Service(NAQS) and the other is by the National Agricultural Cooperative Federation(NACF). The NAQS price is used as the base prices for the Direct Income Payment Program for rice producers. Hence, it is desirable to examine how efficient the NAQS price is. This paper examines the relative efficiency of the NAQS price compared to the NACF price using cross correlation coefficients and Portmanteau tests. The tests are conducted for two kinds of rice prices: the rough rice price and the polished rice price which are surveyed by both of the institutions. The results show that NAQS price leads NACF price but no feedback from NACF price to NAQS price in the two kinds of prices. Therefore, The NAQS price is relatively more efficient than the NACF prices in terms of the speed of adjustment of prices to new market information. It is desirable for NACF to improve management of the survey process as well as methods and frequencies of survey.
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