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The Impact of Electronic Clock Auction Systems on Shellfish Prices: Econometric Evidence from a Structural Change Model

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  • Patrice Guillotreau
  • Ramón Jiménez‐Toribio

Abstract

Economic theory suggests that different auction systems may lead to different price equilibria under specific conditions. By changing the trading rules, the introduction of electronic clock auction systems (ECAS) on primary fish markets is likely to modify the price formation process. A relationship between the prices of live prawns (Nephrops norvegicus) in two French ports where different ECAS have been successively introduced is estimated through two univariate models and a vector autoregressive model applied to stationary weekly data series. Using a recent multiple break searching procedure (Econometrica, Vol. 66, 1998, 47; Journal of Applied Econometrics, Vol. 18, 2003, 1; Econometrics Journal, Vol. 6, 2003, 72), a single structural change matching the date of implementation is discovered in the two ports and shows a different impact partly explained by the type of auction system in force. The introduction of the Euro in January 2002 also appeared to play an influential role in the adoption of electronic clock auction markets.

Suggested Citation

  • Patrice Guillotreau & Ramón Jiménez‐Toribio, 2006. "The Impact of Electronic Clock Auction Systems on Shellfish Prices: Econometric Evidence from a Structural Change Model," Journal of Agricultural Economics, Wiley Blackwell, vol. 57(3), pages 523-546, September.
    • Handle: RePEc:bla:jageco:v:57:y:2006:i:3:p:523-546
    DOI: 10.1111/j.1477-9552.2006.00063.x
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    References listed on IDEAS

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    1. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119.
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    Cited by:

    1. Gobillon, Laurent & Wolff, François-Charles & Guillotreau, Patrice, 2013. "Evaluating the law of one price using micro panel data," CEPR Discussion Papers 9586, C.E.P.R. Discussion Papers.
    2. Guillotreau, Patrice & Jiménez-Toribio, Ramón, 2011. "The price effect of expanding fish auction markets," Journal of Economic Behavior & Organization, Elsevier, vol. 79(3), pages 211-225, August.
    3. Frédéric Salladarré & Patrice Guillotreau & Patrice Loisel & Pierrick Ollivier, 2015. "The declining price anomaly in sequential auctions with asymmetric buyers: Evidence from the Nephrops norvegicus market in France," Working Papers hal-01147207, HAL.
    4. Pascal Le Floc'h & Iuliana Matei & Mehmet Tuncel, 2012. "Commercial Sizes and Prices on the French Monkfish Fishery :A Time-Series Analysis," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 55(1), pages 97-115.
    5. Isa Hafalir & Onur Kesten & Katerina Sherstyuk & Cong Tao, 2023. "When Speed is of Essence: Perishable Goods Auctions," Working Papers 202310, University of Hawaii at Manoa, Department of Economics.

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