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What's that got to do with the price of fish? Buyers behavior on the Ancona fish market

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Author Info

  • Mauro Gallegati

    (Polytechnic University of Marche - Polytechnic University of Marche - Polytechnic University of Marche)

  • Gianfranco Giulioni

    ()
    (University of Chieti-Pescara - University of Chieti-Pescara - University of Chieti-Pescara)

  • Alan Kirman

    ()
    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - CNRS : UMR6579)

  • Antonio Palestrini

    (University of Teramo - University of Teramo - University of Teramo)

Abstract

In this paper we analyze the Ancona wholesale fish market (MERITAN) where transactions take place in three simultaneous Dutch auctions. Our objective is to characterize the behavior of market participants and, in particular, buyers in such a market structure. Our analysis of the data shows that buyer-seller relationships are less important than in a pairwise bargaining market such as the Marseille Fish market but that a significant amount of “loyalty" is still present under the auction mechanism. We provide an explanation of the “declining price paradox" for the fish market of Ancona by linking the rule used by the buyers to set their bid to the relationship between the variation in the price of the last transactions in the day and the quantity of fish available on that day. In fact, the average price tends to increase for last transactions on days characterized by limited supply of fish.

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Paper provided by HAL in its series Working Papers with number halshs-00545129.

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Date of creation: 09 Dec 2010
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Handle: RePEc:hal:wpaper:halshs-00545129

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Keywords: wholesale fish market; Dutch auction;

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  1. Takashi Negishi, 1986. "Thornton's criticism of equilibrium theory and Mill," History of Political Economy, Duke University Press, vol. 18(4), pages 567-577, Winter.
  2. Myerson, Roger B. & Satterthwaite, Mark A., 1983. "Efficient mechanisms for bilateral trading," Journal of Economic Theory, Elsevier, vol. 29(2), pages 265-281, April.
  3. Bulow, Jeremy & Klemperer, Paul, 1996. "Auctions versus Negotiations," American Economic Review, American Economic Association, vol. 86(1), pages 180-94, March.
  4. Robert B. Ekelund, Jr. & Sven Thommesen, 1989. "Disequilibrium Theory and Thornton's Assault on the Laws of Supply and Demand," History of Political Economy, Duke University Press, vol. 21(4), pages 567-592, Winter.
  5. Weisbuch, Gerard & Kirman, Alan & Herreiner, Dorothea, 2000. "Market Organisation and Trading Relationships," Economic Journal, Royal Economic Society, vol. 110(463), pages 411-36, April.
  6. Lu, Xiaohua & McAfee, R. Preston, 1996. "The Evolutionary Stability of Auctions over Bargaining," Games and Economic Behavior, Elsevier, vol. 15(2), pages 228-254, August.
  7. John List, 2004. "Testing neoclassical competitive theory in multi-lateral decentralized markets," Framed Field Experiments 00176, The Field Experiments Website.
  8. Hardle, Wolfgang & Kirman, Alan, 1995. "Nonclassical demand : A model-free examination of price-quantity relations in the Marseille fish market," Journal of Econometrics, Elsevier, vol. 67(1), pages 227-257, May.
  9. Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 23-36, Summer.
  10. McAfee R. Preston & Vincent Daniel, 1993. "The Declining Price Anomaly," Journal of Economic Theory, Elsevier, vol. 60(1), pages 191-212, June.
  11. Kirman, Alan P. & Vriend, Nicolaas J., 2001. "Evolving market structure: An ACE model of price dispersion and loyalty," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 459-502, March.
  12. Neugebauer, Tibor & Pezanis-Christou, Paul, 2007. "Bidding behavior at sequential first-price auctions with(out) supply uncertainty: A laboratory analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 63(1), pages 55-72, May.
  13. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
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Cited by:
  1. repec:hal:wpaper:halshs-00849075 is not listed on IDEAS
  2. Karl Finger & Daniel Fricke & Thomas Lux, 2013. "Network analysis of the e-MID overnight money market: the informational value of different aggregation levels for intrinsic dynamic processes," Computational Management Science, Springer, vol. 10(2), pages 187-211, June.
  3. Sylvain Mignot & Gabriele Tedeschi & Annick Vignes, 2012. "An Agent Based Model of Switching: The Case of Boulogne S/mer Fish Market," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 15(2), pages 3.
  4. Laurent Gobillon & François Charles Wolff & Patrice Guillotreau, 2013. "Evaluating the law of one price using micro panel data," PSE Working Papers halshs-00849075, HAL.

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