Tree nut prices in the U.S. market show surprising long-term relationships.
The U.S. tree nut market was studied to see how prices of nuts like pecans, walnuts, and almonds are related. By using a special method called Johansen's cointegration, researchers found that these nut prices are connected in the long term. This means that when the price of one nut goes up or down, it can affect the prices of the others. This shows that these nuts can be substitutes for each other in the market.
