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Testing Market Power and Welfare Effects in the US Catfish Industry

Author

Listed:
  • Nguyen Giap V.

    (University of Economics Ho Chi Minh City, School of Government, 59C Nguyen Dinh Chieu Str., District 3, Ho Chi Minh city, Viet Nam)

  • Jolly Curtis M.

    (Department of Agricultural Economics and Rural Sociology, Auburn University, Auburn, Alabama, USA)

  • Nguyen Thong T.

    (Syntesa Associates & Partners, Copenhagen, Denmark)

Abstract

An empirical specification of the conjectural variations model, which conforms to microeconomic theory, is estimated for the US catfish industry. We find the existence of market power exerted by US catfish processors. Processors force the price paid to catfish growers down by 52.88 cent per pound of live catfish, which costs US catfish growers about $300 million a year. US catfish growers can deter the negative effects of processors’ market power by increasing their farm supply flexibility. Further studies are needed to address the dynamics and competitive game strategies in the US catfish industry.

Suggested Citation

  • Nguyen Giap V. & Jolly Curtis M. & Nguyen Thong T., 2022. "Testing Market Power and Welfare Effects in the US Catfish Industry," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 20(2), pages 1-11, December.
    • Handle: RePEc:bpj:bjafio:v:20:y:2022:i:2:p:11:n:7
    DOI: 10.1515/jafio-2019-0025
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    More about this item

    Keywords

    market power; welfare analysis; US catfish;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection

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