Long run price flexibilities for high valued UK fish species: a cointegration systems approach
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.Download Info
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Bibliographic Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.
Volume (Year): 31 (1999)
Issue (Month): 4 ()
Pages: 473-481
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Web page: http://www.tandf.co.uk/journals/routledge/00036846.html
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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Sean Pascoe & Andy Revill, 2004. "Costs and Benefits of Bycatch Reduction Devices in European Brown Shrimp Trawl Fisheries," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 27(1), pages 43-64, January.
- Helstad, Kjetil & Vassdal, Terje & Trondsen, Torbjorn & Young, James A., 2005. "Price Links between Auction and Direct Sales of Fresh and Frozen Fish in North Norway (1997�2003)," Marine Resource Economics, Marine Resources Foundation, vol. 20(3).
- Asche, Frank & Gordon, Daniel V. & Hannesson, Rognvaldur, 2004. "Tests For Market Integration And The Law Of One Price: The Market For Whitefish In France," Marine Resource Economics, Marine Resources Foundation, vol. 19(2).
- Fousekis, Panos & Revell, Brian J., 2004. "Retail Fish Demand in Great Britain and its Fisheries Management Implications," Marine Resource Economics, Marine Resources Foundation, vol. 19(4).
- 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.
- 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 Environmental and Business Economics.
- Bose, Shekar, 2004. "An Empirical Investigation Of Price-Quantity Relations Of The Quota Species Of Australia'S South East Fishery," Marine Resource Economics, Marine Resources Foundation, vol. 19(2).
- 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.
- Roheim, Cathy A. & Gardiner, Lacey & Asche, Frank, 2007. "Value of Brands and Other Attributes: Hedonic Analysis of Retail Frozen Fish in the UK," Marine Resource Economics, Marine Resources Foundation, vol. 22(3).
- Jaffry, Shabbar & Brown, James, 2008. "A Demand Analysis of the UK Canned Tuna Market," Marine Resource Economics, Marine Resources Foundation, vol. 23(2).
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