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Long run price flexibilities for high valued UK fish species: a cointegration systems approach

Author

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  • Shabbar Jaffry
  • Sean Pascoe
  • Catherine Robinson

Abstract

In this paper, the own and cross-price flexibilities for four high valued species (bass, lobster, sole and turbot) landed in the UK are estimated. System of equation models were developed using the vector error correction model (VECM) approach. Johansen's multivariate approach was used to obtain estimates of the long run steady state relationship (vectors) between fish prices and landings. To find unique vectors (i.e. no interdependent vectors) zero restrictions on the coefficients of the price variables were applied so that the model effectively contained quantity independent variables only. The resulting vectors were four unique cointegration long run relationships of monthly fish prices and landings. Various tests suggested that the variables were I (1) nonstationary variables. The model also suggested that there are more than one cointegration vectors (relationships) between the variables. It was found that bass has the largest absolute long run own price flexibility. Bass and lobster were found to be weak substitutes while sole and turbot were found to be substitutes. The results suggest, however, that the relationship is not symmetrical, with the quantity of sole having a greater effect on the price of turbot than turbot on sole.

Suggested Citation

  • Shabbar Jaffry & Sean Pascoe & Catherine Robinson, 1999. "Long run price flexibilities for high valued UK fish species: a cointegration systems approach," Applied Economics, Taylor & Francis Journals, vol. 31(4), pages 473-481.
    • Handle: RePEc:taf:applec:v:31:y:1999:i:4:p:473-481
    DOI: 10.1080/000368499324183
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    Cited by:

    1. Sean Pascoe & Andy Revill, 2004. "Costs and Benefits of Bycatch Reduction Devices in European Brown Shrimp Trawl Fisheries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 27(1), pages 43-64, January.
    2. Moor, Jordan & Asche, Frank & Ropicki, Andrew J., 2023. "Renewable resource market responses under rights-based management: linkages in Gulf of Mexico fisheries," 2023 Annual Meeting, July 23-25, Washington D.C. 335749, Agricultural and Applied Economics Association.
    3. Peggy Schrobback & Eriko Hoshino & Sean Pascoe & Robert Curtotti, 2022. "Market integration of domestic and imported seafood: Insights from the Sydney Fish Market," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 66(1), pages 216-236, January.
    4. Pascal Le Floc'h & Iuliana Matei & Mehmet Tuncel, 2012. "Commercial Sizes and Prices on the French Monkfish Fishery :A Time-Series Analysis," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 55(1), pages 97-115.
    5. Marc Mangel & Natalie Dowling & Juan Arriaza, 2015. "The Behavioral Ecology of Fishing Vessels: Achieving Conservation Objectives Through Understanding the Behavior of Fishing Vessels," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 61(1), pages 71-85, May.
    6. 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.
    7. Jaffry, Shabbar & Pickering, Helen & Ghulam, Yaseen & Whitmarsh, David & Wattage, Prem, 2004. "Consumer choices for quality and sustainability labelled seafood products in the UK," Food Policy, Elsevier, vol. 29(3), pages 215-228, June.
    8. Max Nielsen & Frank Jensen & Eva Roth, 2004. "A Cost-Benefit Analysis of a Public Labelling Scheme of Fish Quality," Working Papers 53/04, University of Southern Denmark, Department of Sociology, Environmental and Business Economics.
    9. Javier García-Enríquez & Josu Arteche & Arantza Murillas-Maza, 2017. "Testing for substitutability in the mackerel market: a new method using fractional cointegration," Applied Economics, Taylor & Francis Journals, vol. 49(39), pages 3912-3926, August.
    10. Livat, Florine & Alston, Julian M. & Cardebat, Jean-Marie, 2019. "Do denominations of origin provide useful quality signals? The case of Bordeaux wines," Economic Modelling, Elsevier, vol. 81(C), pages 518-532.
    11. Eriko Hoshino & Caleb Gardner & Sarah Jennings & Klaas Hartmann, 2015. "Examining the Long-Run Relationship between the Prices of Imported Abalone in Japan," Marine Resource Economics, University of Chicago Press, vol. 30(2), pages 179-192.
    12. Éva E Plagányi & Ingrid van Putten & Olivier Thébaud & Alistair J Hobday & James Innes & Lilly Lim-Camacho & Ana Norman-López & Rodrigo H Bustamante & Anna Farmery & Aysha Fleming & Stewart Frusher & , 2014. "A Quantitative Metric to Identify Critical Elements within Seafood Supply Networks," PLOS ONE, Public Library of Science, vol. 9(3), pages 1-15, March.
    13. Julia Bronnmann & Stefan Guettler & Jens-Peter Loy, 2019. "Efficiency of correction for sample selection in QUAIDS models: an example for the fish demand in Germany," Empirical Economics, Springer, vol. 57(4), pages 1469-1493, October.

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