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Substitutability Among Species In The Japanese Tuna Market: A Cointegration Analysis

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Author Info
Bose, Shekar
McIlgorm, Alistair
Abstract

This paper examines two sets of hypotheses concerning the existence and the cause of the long-run, inter-species price relationships in the Japanese tuna market. A shock variable is introduced into the system to determine the degree of influence on the price relationships as well as the magnitude of the power in explaining the variation in prices of tuna species. Although in most cases the coefficient estimates of the shock variable are statistically significant, overall, the variable does not have significant explanatory power in both bivariate and multivariate regressions. We also find that the degree of substitutability between bigeye and albacore is substantially lower than the degree of substitutability between bigeye and yellowfin and, yellowfin and albacore.

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Article provided by Marine Resources Foundation in its journal Marine Resource Economics.

Volume (Year): 11 (1996)
Issue (Month): 3 ()
Pages:
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Handle: RePEc:ags:mareec:28175

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Keywords: Industrial Organization; Resource /Energy Economics and Policy;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June. [Downloadable!] (restricted)
  2. Granger, Clive W J, 1986. "Developments in the Study of Cointegrated Economic Variables," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 48(3), pages 213-28, August.
  3. Dickey, David A & Rossana, Robert J, 1994. "Cointegrated Time Series: A Guide to Estimation and Hypothesis Testing," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 56(3), pages 325-53, August.
  4. Engle, Carole R. & Kouka, Pierre-Justin, 1995. "Potential Consumer Acceptance of Canned Bighead Carp: A Structural Model Analysis," Marine Resource Economics, Marine Resources Foundation, vol. 10(2). [Downloadable!]
  5. Nauman, Fayyaz A. & Gempesaw, Conrado M. & Bacon, J. Richard & Manalo, Alberto, 1995. "Consumer Choice for Fresh Fish: Factors Affecting Purchase Decisions," Marine Resource Economics, Marine Resources Foundation, vol. 10(2). [Downloadable!]
  6. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July. [Downloadable!] (restricted)
  7. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
  8. Dolado, Juan J & Jenkinson, Tim & Sosvilla-Rivero, Simon, 1990. " Cointegration and Unit Roots," Journal of Economic Surveys, Blackwell Publishing, vol. 4(3), pages 249-73.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ghoshray, Atanu, 2006. "Market Delineation and Price Leadership in the World Wheat Market: A Cointegration Analysis," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(2), October. [Downloadable!]
  2. Lei, Li-Fen, 1998. "Tests On Seasonal Unit Roots In Taiwan'S Vegetable Prices," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20982, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  3. Asche, Frank & Gordon, Daniel V. & Hannesson, Rognvaldur, 1998. "Price Founded Tests For Market Integration: Fish Markets In France," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20904, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  4. Asche, Frank & Hannesson, Rognvaldur, 2002. "Allocation Of Fish Between Markets And Product Forms," Marine Resource Economics, Marine Resources Foundation, vol. 17(3). [Downloadable!]
  5. Floros, Ch. & Failler, P., 2004. "Seasonaility and Cointegration in the Fishing Industry of Conrwall," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 1(4), pages 27-52. [Downloadable!]
  6. Ruseski, Gorazd, 1999. "Market Power, Management Regimes, And Strategic Conservation Of Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 14(2). [Downloadable!]
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