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Price integration in the Australian rock lobster industry: implications for management and climate change adaptation

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  • Ana Norman-Lόpez
  • Sean Pascoe
  • Olivier Thébaud
  • Ingrid Putten
  • James Innes
  • Sarah Jennings
  • Alistair Hobday
  • Bridget Green
  • Eva Plaganyi

Abstract

type="main" xml:id="ajar12020-abs-0001"> Rock lobster fisheries are Australia's most valuable wild fisheries in terms of both value of production and value of exports. Different states harvest and export different lobster species, with most of the landings being sent to the Hong Kong market. A perception in the Australian lobster industry is that the different species are independent on the export market, such that a change in landings of one species has no impact on the price of the others. This study investigates the market integration of Australian exports to Hong Kong for the four species and different exporting states. Our results indicate all four species and producers/export states are perceived to be substitutes for one another, so that, in the long run, prices paid to operators in the industry will move together. The integrated nature of the Hong Kong export market for Australian lobster suggests that the potential impacts of alternative fisheries management and development strategies at state and species levels cannot be considered in isolation, at least from an economic perspective. In addition, impacts of external shocks affecting production in one state (e.g. climate change) can be expected to affect all Australian lobster fisheries.

Suggested Citation

  • Ana Norman-Lόpez & Sean Pascoe & Olivier Thébaud & Ingrid Putten & James Innes & Sarah Jennings & Alistair Hobday & Bridget Green & Eva Plaganyi, 2014. "Price integration in the Australian rock lobster industry: implications for management and climate change adaptation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 58(1), pages 43-59, January.
  • Handle: RePEc:bla:ajarec:v:58:y:2014:i:1:p:43-59
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    File URL: http://hdl.handle.net/10.1111/ajar.2014.58.issue-1
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    1. Søren Johansen & Rocco Mosconi & Bent Nielsen, 2000. "Cointegration analysis in the presence of structural breaks in the deterministic trend," Econometrics Journal, Royal Economic Society, vol. 3(2), pages 216-249.
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    1. repec:bla:ajarec:v:61:y:2017:i:4:p:590-609 is not listed on IDEAS
    2. Wakamatsu, Hiroki & Miyata, Tsutomu, 2014. "Do Radioactive Spills from the Fukushima Disaster Have any Influence on Seafood Market in Japan?," MPRA Paper 55667, University Library of Munich, Germany, revised 18 Jun 2014.
    3. Solarin, Sakiru Adebola & Ozturk, Ilhan, 2015. "On the causal dynamics between hydroelectricity consumption and economic growth in Latin America countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 52(C), pages 1857-1868.
    4. repec:kap:enreec:v:74:y:2019:i:3:d:10.1007_s10640-019-00365-4 is not listed on IDEAS
    5. Tatyana Chesnokova & Stephanie McWhinnie, 2019. "International Fisheries Access Agreements and Trade," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(3), pages 1207-1238, November.

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