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The Price Responsiveness of Salmon Supply in the Short and Long Run

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Author Info
Andersen, Trude B.
Roll, Kristin H.
Tveteras, Sigbjorn
Abstract

Productivity growth and competitiveness indicate that salmon supply is price responsive. However, in the short run supply is likely to be constrained by the biological production process, regulations, and capacity constraints. In this article, we estimate a restricted profit function for Norwegian salmon producers, which allows us to examine the industry’s short-run and long-run supply responsiveness separately. Using data spanning 1985 to 2004, we find that there is close to zero, own-price supply responsiveness in the short run. In the long run, this changes substantially as supply becomes elastic. This result can contribute to explaining the observed cyclical profitability in the salmon farming industry.

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File URL: http://purl.umn.edu/54152
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Publisher Info
Article provided by Marine Resources Foundation in its journal Marine Resource Economics.

Volume (Year): 23 (2008)
Issue (Month): 4 ()
Pages:
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Handle: RePEc:ags:mareec:54152

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Related research
Keywords: Restricted profit function; supply; salmon farming; profit cycles; Demand and Price Analysis; Productivity Analysis; Research and Development/Tech Change/Emerging Technologies; Research Methods/ Statistical Methods; D24; Q21; Q22;

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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. T. Bjørndal & K. G. Salvanes, 1995. "Gains From Deregulation? An Empirical Test For Efficiency Gains In The Norwegian Fish Farming Industry," Journal of Agricultural Economics, Blackwell Publishing, vol. 46(1), pages 113-126. [Downloadable!] (restricted)
  2. Asche, Frank & Tveteras, Ragnar, 1999. "Modeling Production Risk With A Two-Step Procedure," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(02), December. [Downloadable!]
  3. Lau, Lawrence J., 1976. "A characterization of the normalized restricted profit function," Journal of Economic Theory, Elsevier, vol. 12(1), pages 131-163, February. [Downloadable!] (restricted)
  4. Henry W. Kinnucan & Øystein Myrland, 2002. "The Relative Impact of the Norway-EU Salmon Agreement: a Mid-term Assessment," Journal of Agricultural Economics, Blackwell Publishing, vol. 53(2), pages 195-219. [Downloadable!] (restricted)
  5. Salvanes, Kjell Gunnar, 1989. "The Structure of the Norwegian Fish Farming Industry: An Empirical Analysis of Economies of Scale and Substitution Possibilities," Marine Resource Economics, Marine Resources Foundation, vol. 6(4). [Downloadable!]
  6. Asche, Frank, 1997. "Trade Disputes And Productivity Gains: The Curse Of Farmed Salmon Production?," Marine Resource Economics, Marine Resources Foundation, vol. 12(1). [Downloadable!]
  7. Guttormsen, Atle G., 2002. "Input Factor Substitutability In Salmon Aquaculture," Marine Resource Economics, Marine Resources Foundation, vol. 17(2). [Downloadable!]
  8. Ragnar Tveteras & George E. Battese, 2006. "Agglomeration Externalities, Productivity, And Technical Inefficiency," Journal of Regional Science, Blackwell Publishing, vol. 46(4), pages 605-625. [Downloadable!] (restricted)
  9. Oglend, Atle & Sikveland, Marius, 2008. "The Behaviour of Salmon Price Volatility," Marine Resource Economics, Marine Resources Foundation, vol. 23(4). [Downloadable!]
  10. Morrison, Catherine J, 1985. "Primal and Dual Capacity Utilization: An Application to Productivity Measurement in the U.S. Automobile Industry," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(4), pages 312-24, October.
Full references

Cited by:
(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. Asche, Frank, 2008. "Farming the Sea," Marine Resource Economics, Marine Resources Foundation, vol. 23(4). [Downloadable!]
  2. Asche, Frank & Guttormsen, Atle G & Tveteras, Ragnar, 2008. "Aquaculture—Opportunities and Challenges: Special Issue Introduction," Marine Resource Economics, Marine Resources Foundation, vol. 23(4). [Downloadable!]
  3. Oglend, Atle & Sikveland, Marius, 2008. "The Behaviour of Salmon Price Volatility," Marine Resource Economics, Marine Resources Foundation, vol. 23(4). [Downloadable!]
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