Journal of Fisheries and Marine Sciences Education (수산해양교육연구)

The Korean Society for Fisheries and Marine Sciences Education (한국수산해양교육학회)
권호 표지
DOI QR코드

DOI QR Code

Analyzing Price Interactions between Wild Caught Fish and Farmed Fish on the Korean Seafood Market

자연산 어류와 양식산 어류 간의 가격 경합성 분석

  • Received : 2015.09.21
  • Accepted : 2015.10.20
  • Published : 2015.12.31
Download PDF
⟨ Previous Next ⟩

Abstract

This study is aimed to estimate price interactions between wild caught fish and farmed fish on the Korean seafood market, using multivariate cointegration analysis. Major commercially important four wild caught fish (chub mackerel, hairtail, yellow croaker and spanish mackerel) and two farmed fish(oliver flounder and black rockfish) are selected as analytical target fish species. Between 2000 and 2013, monthly production and price data are used in this study. The results of cointegration test showed that there would be a long-term equilibrium relationship among 4 wild caught fish and 2 farmed fish. However, the results of exclusion test indicated that farmed fish might not contribute significantly to the long-run relationship, suggesting that farmed fish might be only a weak substitute for wild caught fish, but no significant interaction could be found.

Keywords

References

  1. Asche F. et al.(2005). Competition between farmed and wild salmon: the Japanese salmon market, Agricultural Economics, 33, 333-340. https://doi.org/10.1111/j.1574-0864.2005.00072.x
  2. Asche F.․Bjorndal T. & Young J.(2001). Market interactions for aquaculture products, Aquaculture Economics and Management, 5, 303-317. https://doi.org/10.1080/13657300109380296
  3. Asche F.․Bremnes H. & Wessells C.(1999). Production aggregation, market integration and relationships between prices: An application to world salmon markets, American Journal of Agricultural Economics, 81, 568-581. https://doi.org/10.2307/1244016
  4. Asche F.․Salvanes K. & Steen F.(1997). Market delineation and demand structure, American Journal of Agricultural Economics, 79, 139-150. https://doi.org/10.2307/1243949
  5. Bose S. & McIlgorm A.(1996). Substitutability among species in the Japanese tuna market: A cointetration analysis, Marine Resource Economics, 11, 143-155. https://doi.org/10.1086/mre.11.3.42629157
  6. FAO(2014). The state of world fisheries and aquaculture, FAO.
  7. Goodwin B. & Schroeder T.(1991). Cointegration and spatial price linkages in regional cattle markets, American Journal of Agricultural Economics, 73, 452-464. https://doi.org/10.2307/1242730
  8. Gordon D.․Salvanes K. & Atkins F.(1993). A fish is a fish is a fish? Testing for market linkages on the Paris fish market, Marine Resource Economics, 8, 331-343. https://doi.org/10.1086/mre.8.4.42731365
  9. Gujarati D. & Porter D.(2008). Basic Economerics, 5th edition, McGraw-Hill.
  10. Jaffry S. et al.(2000). Price interactions between salmon and wild caught fish species on the Spanish market", Aquaculture Economics and Management, 4, 157-167. https://doi.org/10.1080/13657300009380267
  11. Johansen S. & Juselius K.(1990). Maximum likelihood estimation and inference on cointegration - with applications to the demand for money, Oxford Bulletin of Economics and Statistics, 52, 169-210.
  12. Johansen S.(1988). Statistical analysis of cointegration vectors, Journal of Economic Dynamics and Control, 12, 231-254. https://doi.org/10.1016/0165-1889(88)90041-3
  13. Johansen S.(1991). Estimation and hypothesis testing of cointegration vectors in Gaussian autoregressive models, Econometrica, 59, 1551-1580. https://doi.org/10.2307/2938278
  14. Kim Do-Hoon(2013). Analyzing Market Integration of Wild Caught Fish Species, Journal of Fisheries Business Administration, 44(1), 71-79. https://doi.org/10.12939/FBA.2013.44.1.071
  15. Kim Do-Hoon(2014). Market Interactions for Farmed Fish Species on the Korean Market, Ocean and Polar Research, 36(1), 71-76. https://doi.org/10.4217/OPR.2014.36.1.071
  16. Kwon Yong-Duck & Choi Kyu-Seob(1998). Tests for Market Integration and Price Dynamic Linkage in Beef and Pork Market in Korea : A Cointegration Analysis, Korean Journal of Agricultural Economics, 39(2), 37-62.
  17. Ministry of Oceans and Fisheries(2015). Fisheries Production Statistics. Fisheries Information Servicel (www.fips.go.kr).
  18. Statistics Korea(2015). Fisheries Production and Price Statistics. Korea Statistical Information Service (http://kosis.kr).