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The effect of buyers and sellers on fish market prices

Author

Listed:
  • Laurent Gobillon

    () (PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, INED - Institut national d'études démographiques, PSE - Paris School of Economics, CEPR - Center for Economic Policy Research - CEPR)

  • Wolff Francois Charles

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes, INED - Institut national d'études démographiques)

  • Patrice Guillotreau

    () (UN - Université de Nantes)

Abstract

This paper extends the traditional hedonic price specification to take into account the unobserved heterogeneity of sellers, buyers and seller–buyer matches. The specification is estimated using econometric techniques for non-nested panel data models on a data set of nearly 15 million transactions occurring in French wholesale fish markets over the 2002–2007 period. Results show that unobserved heterogeneity plays a significant role in price setting. For some species, its inclusion in price regressions changes the coefficients of quality-related fish characteristics. Fish characteristics are the main factors explaining price variations for many species, but time and buyer effects also play a significant role.

Suggested Citation

  • Laurent Gobillon & Wolff Francois Charles & Patrice Guillotreau, 2017. "The effect of buyers and sellers on fish market prices," Post-Print halshs-01509738, HAL.
  • Handle: RePEc:hal:journl:halshs-01509738
    DOI: 10.1093/erae/jbw006
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01509738
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    Keywords

    fish; commodity price; unobserved heterogeneity; variance analysis; panel data;

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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