Conventional empirical demand systems normally take prices to be exogenous, and determine the quantities demanded. Although this is logical for the individual consumer, at the market level the aggregate quantity traded may be exogenously determined, while the price vector changes to ensure...

The results from graphical and regression analyses of time-series data on seafood consumption and prices suggest that preferences for seafood have strengthened in response to medical evidence that seafood promotes nutrition and health. The graphical analysis reveals a trend of increased...

Many fisheries are characterized by a brief and concentrated harvest period followed by a longer marketing period during which the stored product is sold out of inventories. This paper develops an economic model ofoptimal inventory dissipation for a semi-perishable product which assumesthat...

A consumer survey of the northeastern United States was conducted to gather market information regarding the decision to purchase fresh hybrid striped bass, trout and salmon. Logit techniques were used to model the experience, perceptions, preferences, and choices of consumers for seafood...

Toxic algae blooms are a worldwide phenomena, which appear to be increasing in frequency and severity. These natural events cause product contaminations that often have significant economic consequences, includingsupply interruptions due to closed fishing grounds, losses from human illness, and...

The adoption of aquacultural products has created an imbalance of market power between catfish producers and a processing sector that exerts a monopsonistic power in certain regions of the U.S. such as west Alabama.However, because of the recent changes caused by vertical integration of...

An approach that combines seasonality removal with a multivariate, state-space, time series forecasting model is developed to provide shortrun forecasts for the US salmon market. Time series included in the model are: US fresh Atlantic salmon wholesale price index; fresh salmon (Atlantic, coho...

This paper assesses the roles of various factors influencing the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn and wheat futures prices from November 1998 to...

We analyze vertical price transmission in the German biodiesel market studying therelationship between rapeseed oil, soya oil and biodiesel prices. We focus on the period fromsummer 2002 to late 2007 during which the German biodiesel market developed into thelargest market worldwide, mainly...

In this paper we discuss a simple econometric strategy for pricing and hedging illiquid financial products, such as the Japanese crude oil cocktail (JCC) index, the most popular OTC energy derivative in Japan. First, we review the existing literature for computing optimal hedge ratios (OHR) and...