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Product Aggregation, Market Integration, and Relationships between Prices: An Application to World Salmon Markets

  • Frank Asche
  • Helge Bremnes
  • Cathy R. Wessells

Relationships between prices of goods offer motives of interest in at least two areas: market integration and product aggregation. There is a close relationship between market integration and aggregation, which may increase the usefulness of market integration studies. In this article, these relationships are developed and illustrated by an application to the world salmon market. It is shown that the Law of One Price holds for an international market with five salmon species. This result has significant implications for the world salmon market regarding both product aggregation in demand analyses and international trade policy. Copyright 1999, Oxford University Press.

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File URL: http://hdl.handle.net/10.2307/1244016
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Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 81 (1999)
Issue (Month): 3 ()
Pages: 568-581

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Handle: RePEc:oup:ajagec:v:81:y:1999:i:3:p:568-581
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  1. Kjell G. Salvanes, 1997. "Market Delineation and Demand Structure," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 139-150.
  2. 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.
  3. Perron, P, 1988. "The Great Crash, The Oil Price Shock And The Unit Root Hypothesis," Papers 338, Princeton, Department of Economics - Econometric Research Program.
  4. 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.
  5. Jeroen J.M. Kremers & Neil R. Ericsson & Juan J. Dolado, 1992. "The power of cointegration tests," International Finance Discussion Papers 431, Board of Governors of the Federal Reserve System (U.S.).
  6. Bjorndal, Trond & Salvanes, Kjell G & Gordon, Daniel V, 1994. "Elasticity Estimates of Farmed Salmon Demand in Spain and Italy," Empirical Economics, Springer, vol. 19(3), pages 419-28.
  7. Lewbel, Arthur, 1996. "Aggregation without Separability: A Generalized Composite Commodity Theorem," American Economic Review, American Economic Association, vol. 86(3), pages 524-43, June.
  8. Hendry, David F., 1995. "Dynamic Econometrics," OUP Catalogue, Oxford University Press, number 9780198283164, March.
  9. repec:cup:cbooks:9780521296762 is not listed on IDEAS
  10. Benson, B.L. & Faminow, M.D. & Marquis, M.H. & Sauer, D.G., 1992. "The Impact of Provincial Marketing Boards on Pricing Dynamics in the North American Slaughter Hog Market," Working Papers 1992_12_2, Department of Economics, Florida State University.
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