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Competition between farmed and wild salmon: the Japanese salmon market

  • Frank Asche
  • Atle G. Guttormsen
  • Tom Sebulonsen
  • Elin H. Sissener

This article examines the Japanese market for salmon. This market is of interest, since it is the largest and most diversified salmon market in the world with wild and farmed species, from Europe and South and North America, competing in the same market. In contrast to the European Union (EU)- and U.S.-markets, there have been neither trade conflicts nor trade restrictions. The Japanese market can hence provide information about the impact of bringing substantial quantities of a new product into a market, and the effect of large-scale aquaculture on traditional fisheries. In this article, market integration between wild and farmed salmon on the Japanese market is examined, using both bivariate and multivariate cointegration analysis. Tests for the Law of One Price are also conducted. The results indicate that the species are close substitutes on the market, and that the expansion of farmed salmon has resulted in price decreases for all salmon species. Copyright 2005 International Association of Agricultural Economics.

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Article provided by International Association of Agricultural Economists in its journal Agricultural Economics.

Volume (Year): 33 (2005)
Issue (Month): 3 (November)
Pages: 333-340

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Handle: RePEc:bla:agecon:v:33:y:2005:i:3:p:333-340
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  1. Frank Asche & Helge Bremnes & Cathy R. Wessells, 1999. "Product Aggregation, Market Integration, and Relationships between Prices: An Application to World Salmon Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(3), pages 568-581.
  2. Asche, Frank, 1999. "Testing The Effect Of An Anti-Dumping Duty: The Us Salmon Market," 1999 Annual meeting, August 8-11, Nashville, TN 21714, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Hendry, David F., 1995. "Dynamic Econometrics," OUP Catalogue, Oxford University Press, number 9780198283164, March.
  4. Banerjee, Anindya & Dolado, Juan J. & Galbraith, John W. & Hendry, David, 1993. "Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data," OUP Catalogue, Oxford University Press, number 9780198288107, March.
  5. Gloria Gonz�lez-Rivera & Steven M. Helfand, 2001. "The Extent, Pattern, and Degree of Market Integration: A Multivariate Approach for the Brazilian Rice Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 576-592.
  6. Henry W. Kinnucan & Øystein Myrland, 2002. "The Relative Impact of the Norway-EU Salmon Agreement: a Mid-term Assessment," Journal of Agricultural Economics, Wiley Blackwell, vol. 53(2), pages 195-219.
  7. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  8. Kinnucan, Henry W. & Myrland, Oystein, 2002. "Relative Impact of the Norway-EU Salmon Agreement: A Midterm Assessment," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24826, European Association of Agricultural Economists.
  9. Lewbel, Arthur, 1996. "Aggregation without Separability: A Generalized Composite Commodity Theorem," American Economic Review, American Economic Association, vol. 86(3), pages 524-43, June.
  10. Søren Johansen & Katarina Juselius, 1992. "Identification of the Long-Run and the Short-Run Structure: An Application to the ISLM Model," Discussion Papers 92-04, University of Copenhagen. Department of Economics.
  11. James Eales & Catherine Durham & Cathy R. Wessells, 1997. "Generalized Models of Japanese Demand for Fish," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1153-1163.
  12. Hall, Anthony D & Anderson, Heather M & Granger, Clive W J, 1992. "A Cointegration Analysis of Treasury Bill Yields," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 116-26, February.
  13. Kinnucan, Henry W & Myrland, Oystein, 2000. "Optimal Advertising Levies with Application to the Norway-EU Salmon Agreement," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 27(1), pages 39-57, March.
  14. Frank Asche & Daniel Gordon & Rognvaldur Hannesson, 2002. "Searching for price parity in the European whitefish market," Applied Economics, Taylor & Francis Journals, vol. 34(8), pages 1017-1024.
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