Product Aggregation, Market Integration and Relationships Between Prices: an Application to World Salmon Markets
Relationships between prices of goods have held interest within economics in at least two areas - market integration and product aggregation. There is a close relationship between market integration and aggregation, although this has not received much attention in the more recent literature. This relationship may increase the usefulness of market integration studies. In this paper, 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.
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