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Testing for Imperfect Competition at the Fulton Fish Market

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Author Info
Kathryn Graddy

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Abstract

In this article, I report the results of a study of the prices paid by individual buyers at the Fulton fish market in New York City. In principle, this is a highly competitive market in which there should be no predictable price differences across customers who are equally costly to service. The results indicate that different buyers pay different prices for fish of identical quality. For example, Asian buyers pay 7% less for whiting than do white buyers, a result which is inconsistent with the model of perfect competition.

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File URL: http://links.jstor.org/sici?sici=0741-6261%28199521%2926%3A1%3C75%3ATFICAT%3E2.0.CO%3B2-V&origin=repec
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Publisher Info
Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 26 (1995)
Issue (Month): 1 (Spring)
Pages: 75-92
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Handle: RePEc:rje:randje:v:26:y:1995:i:spring:p:75-92

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  1. Kathryn Graddy & Peter E. Kennedy, 2006. "When are Supply and Demand Determined Recursively Rather than Simultaneously? Another look at the Fulton Fish Market Data," Economics Series Working Papers 297, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  2. Joshua D. Angrist & Kathryn Graddy & Guido W. Imbens, 1995. "Non-Parametric Demand Analysis with an Application to the Demand for Fish," NBER Technical Working Papers 0178, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Yinger, John, 1998. "Evidence on Discrimination in Consumer Markets," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 23-40, Spring. [Downloadable!] (restricted)
  4. Homans, Frances R. & Wilen, James E., 2000. "Market Rent Dissipation In Regulated Open Access Fisheries," 2000 Annual meeting, July 30-August 2, Tampa, FL 21878, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  5. Boone, J., 2004. "A new way to measure competition," Discussion Paper 31, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  6. Catherine D. Wolfram, 1999. "Measuring Duopoly Power in the British Electricity Spot Market," American Economic Review, American Economic Association, vol. 89(4), pages 805-826, September. [Downloadable!] (restricted)
  7. Adam Rosen, 2007. "Identification and estimation of firms' marginal cost functions with incomplete knowledge of strategic behavior," CeMMAP working papers CWP03/07, Centre for Microdata Methods and Practice, Institute for Fiscal Studies. [Downloadable!]
  8. Asplund, Björn Marcus & Eriksson, Rickard & Strand, Niklas, 2002. "Price Discrimination in Oligopoly: Evidence from Swedish Newspapers," CEPR Discussion Papers 3269, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  9. Michiel van Leuvensteijn, 2008. "The Boone-indicator: Identifying different regimes of competition for the American Sugar Refining Company 1890-1914," Working Papers 08-37, Utrecht School of Economics. [Downloadable!]
  10. Tony Lancaster & Sung Jae Jun, 2006. "Baysian Quantile Regression," Working Papers 2006-05, Brown University, Department of Economics. [Downloadable!]
    Other versions:
  11. Ron Borzekowski & Raphael Thomadsen & Charles Taragin, 2009. "Competition and price discrimination in the market for mailing lists," Quantitative Marketing and Economics, Springer, vol. 7(2), pages 147-179, June. [Downloadable!] (restricted)
    Other versions:
  12. Kathryn Graddy & George Hall, 2009. "A Dynamic Model of Price Discrimination and Inventory Management at the Fulton Fish Market," NBER Working Papers 15019, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. Rudolf Kerschbamer & Muriel Niederle & Josef Perktold, 2000. "Market Institutions and Quality Enforcement," Econometric Society World Congress 2000 Contributed Papers 1482, Econometric Society. [Downloadable!]
  14. Sokbae Lee, 2004. "Endogeneity in Quantile Regression Models: A Control Function Approach," Econometric Society 2004 North American Summer Meetings 521, Econometric Society. [Downloadable!]
    Other versions:
  15. Kathryn Graddy, 2006. "Markets : The Fulton Fish Market," Economics Series Working Papers 254, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  16. J.A. Bikker, 2003. "Testing for imperfect competition on EU deposit and loan markets with Bresnahan's market power model," Research Series Supervision (discontinued) 52, Netherlands Central Bank, Directorate Supervision. [Downloadable!]
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