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The anatomy of prices on the French fish market

  • Laurent Gobillon

    ()

    (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - École des Hautes Études en Sciences Sociales (EHESS) - École des Ponts ParisTech (ENPC) - École normale supérieure [ENS] - Paris - Institut national de la recherche agronomique (INRA), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, INED - Institut National d'Etudes Démographiques Paris - INED)

  • François-Charles Wolff

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Université de Nantes : EA4272)

  • Patrice Guillotreau

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Université de Nantes : EA4272, IUML - Institut universitaire Mer et Littoral - CNRS : FRE3473 - Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER) - Université de Nantes)

Hedonic price regressions have become a standard tool to study how prices of commodity goods are related to quality attributes. In this paper, we extend the traditional price specification by incorporating three sources of unobserved heterogeneity related to sellers, buyers, and matches between buyers and sellers. The extended price specification is estimated on a unique exhaustive dataset of nearly 15 million transactions occurring in French wholesale fish markets from 2002 to 2007. Results show that unobserved heterogeneity plays a significant role in price formation. For some species, its inclusion in price regressions changes the coefficients of quality-related fish characteristics. Last, using data analysis techniques, we classify fish and crustacean species by the extent to which price variations are related to fish characteristics, time effects and the three sources of unobserved heterogeneity.

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Paper provided by HAL in its series PSE Working Papers with number halshs-00839147.

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Date of creation: Jun 2013
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Handle: RePEc:hal:psewpa:halshs-00839147
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