Investigating relationships of construction prices in Australia using cointegration analysis
Jiang, Heng, Fu, Cuijia and Liu, Chunlu 2010, Investigating relationships of construction prices in Australia using cointegration analysis, in AUBEA 2010 : Construction Management(s) : Proceedings of the 35th Australasian Universities Building Education Association annual conference, AUBEA, Melbourne, Vic., pp. A041 - 1-A041 - 16.
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Research on construction prices is significant for contractors and traders. A comprehensive understanding of construction prices may influence crucial decisions in business operation and arbitrage activities. This study focuses on the cointegration relationships of regional construction prices in Australia by using a range of econometric techniques including the stationarity test, the Engle-Granger cointegration approach examines the long run equilibrium relationships within the regional markets, and the error correction models explore the short run disequilibrium relationships. Finds of this study reveal that the economic system in which the construction industry participants operate is characterized by a highly competitive, integrated marketplace, Especially in Melbourne and Sydney. But exclude Northern Territory and Queensland. Furthermore, the results of long term relationships estimation suggest that there are 15 pairs of regional construction prices have long term equilibrium relationships. Additionally, the causalities and diffusion among the construction price indices in six states and two territories of Australia are estimated in this study. These outcomes suggest that causal links between regions mainly exist among adjoining states.
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Field of Research
120201 Building Construction Management and Project Planning
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