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Determinants of variation of potato prices in the European Union

Prices are considered to be an only, directly observable market parameter, deciding on a degree of implementation of functions of market entities. The variability is inherent to prices, in accordance to an attribute of functioning on competitive market. Examination of factors affecting the prices is particularly significant on account of occurrence of many potential variables which may impact their levels and still increasing market ties among particular economies. Potato is one of the basic agricultural raw materials in the world. Potato is of high economic value, mainly through the universal usability both by manufacturers as well as consumers. The objective of this paper is an analysis of dynamics and direction of changes in potato prices in the European Union along with a specification of variables characterizing a strong dependency on a level of potato prices evolving in the EC countries. Attempts of building a model aimed at depicting potato prices evolution in the European Union countries under an influence of particular variables was performed using panel data models. Conducted analyses allowed to indicate the occurrence of regional variation of potato prices in particular European Union countries. It was also shown that essential impact on a potato prices level is potato production volume, value of gross domestic product and potato import volumes.