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

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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.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 31 (1999)
Issue (Month): 4 ()
Pages: 473-481

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Handle: RePEc:taf:applec:v:31:y:1999:i:4:p:473-481

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Cited by:
  1. 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.
  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.
  3. 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.

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