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Elasticity Estimates of Farmed Salmon Demand in Spain and Italy

Listed author(s):
  • Bjorndal, Trond
  • Salvanes, Kjell G
  • Gordon, Daniel V

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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Article provided by Springer in its journal Empirical Economics.

Volume (Year): 19 (1994)
Issue (Month): 3 ()
Pages: 419-428

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Handle: RePEc:spr:empeco:v:19:y:1994:i:3:p:419-28
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