Elasticity Estimates of Farmed Salmon Demand in Spain and Italy
In this paper estimates of the elasticities that characterize the structure of demand for farmed salmon in Spain and Italy are reported. The demand models are specified using a Box-Cox transformation of the variables and a Hausman test is used to determine price endogeneity in the demand equations. The results show a short-run unitary own-price elasticity of demand for farmed salmon in both markets, but long-run estimates show significant elastic price response. Short-run substitution of salmon for other fish species is not observed and, for both Spain and Italy, farmed salmon is characterized as a luxury good. Interestingly, we show that our a priori expectations about own-price elasticities being lower in smaller market areas is confirmed. Finally, the results obtained are compared to other recent results reported in the salmon demand literature.
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Volume (Year): 19 (1994)
Issue (Month): 3 ()
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