| The results indicate that freight rate positively influences both the product market and the factor market. |
| More importantly, throughout this paper, we do not discuss a fully factor market integration. |
| In the absence of factor market reforms, labor productivity in agriculture is much lower than that in nonagriculture rural industry, which is in turn lower than urban labor productivity. |
| But little did we say about different forms of a factor market or about its mechanism of determining factor prices. |
| Answers will vary because resource owners are anyone who has land, labor, capital or entrepreneurship to sell in the factor market. |
| In addition, we examine the robustness of our main results with respect to alternative factor market assumptions relevant to the Thai economy. |
