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1.
The cross-commodity price transmission is an approach to derive meaningful results from the price information, and is mostly influenced by the substitutability and complementary relations among products. Using time series data collected from the National Marine Fisheries Statistics, the present study specified and estimated cross-commodity price transmission models for 13 salmon products imported in the U.S. market. The salmon products are differentiated by form, cut, source/origin, and production environment. The estimated cross-product price transmission elasticity and degree of substitutability among them varied considerably. Whole fresh farmed Canadian and Norwegian Atlantic salmon did not have any close import substitutes in the U.S. market among the salmon products considered in the study. A reduced pricing strategy would result in an increase in U.S. salmon import market share of Chilean and U.K. Atlantic fillet fresh, if the U.S. import demand for it is relatively own-price elastic.  相似文献   

2.
Abstract

The objectives of this study are to analyze the interdependent behavior of lead‐lag milkfish price adjustments between vertically‐related markets (from production to consumption) as well as between five major horizontally‐related wholesale markets. Empirical results show that there is a two‐way lead‐lag cointegrating price relationship between milkfish wholesale and retail markets. Since the fish wholesale market cannot completely and quickly assimilate the retail market information, the speed of response of wholesale prices to retail price changes is relatively slow, inducing low pricing efficiency. The Taipei wholesale market appears to cause the greatest leadership impact on the milkfish price formation compared to other wholesale markets in both the long‐run and short‐run. The results also reveal that there is a high degree of integration relationship between the horizontally integrated wholesale markets (Chiayi, Changhwa and Taichung) for milkfish in the southwestern region within a short distance.  相似文献   

3.
Abstract

There have been several attempts to distinguish farmed Atlantic salmon by origin using trademarks. Whether there exist different regional markets for salmon, and in particular whether the UK market is separate from the market in continental Europe, is also an issue that has received attention. To address these questions, we investigate the relationship between Norwegian and Scottish salmon both in France and the UK, and between Scottish salmon in France and the UK. The analysis is carried out by investigating how the development of prices is related using co‐integration tests.  相似文献   

4.
ABSTRACT

Few studies have investigated salmon consumption and trade in unconventional emerging markets. Using import data, we calculate average per capita monthly salmon consumption in Taiwan, where all supply is imported, and use weighted least squares regression to relate it to economic variables, such as price, income, product types, and the exchange rate. By doing so, we interpret importers’ willingness to import and the features of salmon consumption. Results show complementarity between frozen and fresh salmon import quantities, insignificant exchange rate pass-through effects, and strong seasonal factors affecting salmon import quantity. In addition, the import price elasticity of fresh salmon is slightly larger than one, and the income elasticity is 1.33. We conclude that salmon has already become an important item for Taiwanese consumers, representing a case of globalization and liberalization. By explicating attributes of emerging seafood markets, this analysis will support stakeholders to formulate seafood trade policies and marketing strategies.  相似文献   

5.
It is well known that salmon aquaculture is a cyclical industry with substantial price volatility. However, limited attention has been given to the economic performance of the firms in the industry or their valuation. In this article we look closer at earnings before interest and tax (EBIT) in the Norwegian salmon farming industry. This is among the most common accounting measures of firm performance, and it is also used extensively in firm valuations. We find that the components of earnings have different time series behavior. Our empirical analysis shows that earnings from the Norwegian salmon farming industry can be characterized as a random walk. However, earnings/kg of fish sold is a more predictable variable and is mean reverting with clear cycles.  相似文献   

6.
During the last decade there has been a number of conflicts in relation to the trade of salmon in the EU. A 5-year agreement between Norway and the EU including an import constraint and a voluntary minimum import price agreement for exporter just expired, with a 13% tariff to be paid by exporters that do not accept the agreement. A year after the agreement expired, there are again calls for safeguard measure to protect EU-producers. We investigate the expected welfare effects of this tariff by analyzing a general equilibrium demand curve. In contrast to earlier studies we use a derived demand approach rather the consumer demand as most available data are at the trade level. The results indicate that only Norwegian exporters are beneficial to target for EU producers. The total welfare effect of the tariff depends critically on the supply structure of EU and Norwegian salmon.  相似文献   

7.
Data are presented on the current geographic distribution of Atlantic salmon, Salmo salar L., in freshwater bodies of Europe. They dwell in 14 hydrological systems, including basins of U lakes and three rivers. Nine of the lakes (Ladoga, Onega, Kuito and others) arc located in Russia, one in Finland (Saimaa) and one in Sweden (Vänern). All the rivers inhabited by freshwater salmon flow within Norwegian borders. Most of the lakes and rivers have good connection with the Baltic, White or Norwegian Seas. Over the past 20 years the freshwater salmon stock in Lake Imandra (the Kola Peninsula) has completely disappeared as a result of heavy human impact. The situation with such non-migratory salmon, which used to be important to fishing and trade, is also critical in all other water bodies. It is necessary, therefore, to elaborate effective measures for protecting and restoring freshwater salmon in the lakes and rivers of Europe.  相似文献   

8.
This study examines the Fish Pool salmon futures contract with respect to how well the market performs in terms of the futures price being an unbiased estimator of the spot price and whether the market provides a price discovery function. Using data for 2006–2014 and with futures prices with maturities up to 6 months we find that spot and lagged futures prices are cointegrated and that the futures price provides an unbiased estimate of the spot price. We also find that, with the exception of the front month, that the causality is one-directional. The spot prices lead futures prices between 1–6 months maturity. Hence, while the spot and lagged futures prices are unbiased estimates, we do not find support for the hypothesis that futures prices provide a price discovery function. Rather, it seems that innovations in the spot price influence futures prices. This finding is not uncommon in new and immature futures contracts markets. Hence, the salmon futures market is still immature and has not yet reached the stage where futures prices are able to predict future spot prices.  相似文献   

9.
Abstract

Production of farmed salmon has increased substantially during the last decade. Most of the salmon production is sold spot, resulting in large price fluctuations both for the producer and for the exporter. No derivative markets exist; consequently, no one can hedge prices. If prices could be forecasted within reasonable confidence bounds, risk would be reduced. This study used six easily applicable procedures to forecast weekly producer prices for salmon. The procedures tested were Classical Additive Decomposition (CAD), Holt Winters Exponential Smoothing (HW), Auto Regressive Moving Average (ARMA), Vector Auto Regression (VAR) and two different naïve models: post‐sample predictive accuracy was evaluated. Results indicated that the CAD model forecasted the direction of price movements best, whereas the VAR model performed best according to accuracy measures.  相似文献   

10.
Abstract

In contrast to the stabilization or decline of wild fishery harvests, aquaculture's contribution to the world fish supply is steadily increasing. Aquaculture has begun to have a major influence on the trade of export‐orientated species such as salmon and shrimp. This paper reviews the role of aquaculture in international trade and the research which has been conducted to examine its influence. Despite the growing significance of aquaculture on international trade, especially for shrimp and salmon, formal analysis of the shrimp trade is sparse, only moderate for salmon, and essentially nonexistent for other species. This paper also presents specific examples of how aquaculture has played an important role in international trade. These include an examination of: (1) the influence of shrimp aquaculture and trade on the development of a shrimp futures contract; and (2) the countervailing duty and antidumping case against the Norwegian farmed salmon industry.  相似文献   

11.
Abstract

In 1990, the US International Trade Commission stated that Atlantic and Pacific salmon species did not share a substitute relationship in any of the product forms. This result is contrary to economic demand studies that show a substitute relationship for Atlantic and Pacific salmon species. Time‐series results reported in this paper are consistent with the earlier demand studies and show evidence of an equilibrium price system that includes Atlantic, chinook and coho salmon species for the US market. For these three salmon species a substitute relationship cannot be rejected. However, we observe only weak price links across the three different species in the different US regional markets.  相似文献   

12.
Abstract

In this paper, a time-varying student-t copula is used to capture information on price volatility dependence in the short-, medium-, and long-run horizon in the US market for frozen and fresh salmon, trout, tilapia and catfish. Using monthly data from July 1992 to March 2017, the volatility dynamics for these aquaculture species are assessed. The analysis allows indicating significant differences in the volatility relationships, depending on time-frequency. While short-run volatility has limited dependency, there is significant dependency in both the medium- and long-run, indicating that market integration is stronger in the long-run. The information is particularly important to buyers and producers utilizing the futures markets, as contracts are typically traded using a set of frequencies, and may help them manage and reduce price risk.  相似文献   

13.
Fisheries management uses important fish market information and information from Communication Technology (ICT) to improve fish trade by identifying inefficiencies, inequity and post‐harvest losses. The current study reports fisheries output using ICT at major landing sites and markets in Kenya and Uganda from the Kenya Marine and Fisheries Research Institute (KMFRI) Enhanced Fish Market Information Service (EFMIS) database for 2009 – 2017. Catch assessment survey data validated the use of market data in drawing conclusions. Regional Frame Survey data provided information before EFMIS, enabling comparisons of fish trade costings. The average quantity of fish traded in Kenya depended on seasons of active lake fishing, which occurs in January – March and August – October, while Uganda had an irregular pattern associated with fish trade throughout the year. The quantity of fish traded weekly depended on the average price of fish. Lower sales margins during the EFMIS project showed the merits of information sharing using ICT platforms for efficient and equitable fish trade. Such evaluation of fish market information is useful in fish trade policy formulation and for fisheries management and ecological sustainability in rural and peri‐urban communities.  相似文献   

14.
Freshwater fish species and Baltic salmon (Salmo salar) are important to small-scale fisheries in Finland and Sweden. The formerly local markets for these species have expanded as trade has been opened up to international competition. In this study we use cointegration analysis to test the spatial integration of freshwater fish markets in Finland and between Finland and Sweden. The analysed fish species are salmon, perch (Perca fluviatilis), pikeperch (Sander lucioperca), European whitefish (Goregonus lavaretus) and pike (Exos lucius), and the data covers ex-vessel prices from 1993 or 1995 to 2004. We found that the regional prices in Finland were cointegrated. This indicates that the prices are determined on a single market in Finland. Moreover, the study suggests that Finnish and Swedish markets in Baltic salmon, whitefish, pikeperch and perch were partially integrated, while integration of pike markets could not be found. The political implication is that an essential part of the local small-scale fisheries’ operational environment is determined outside the national borders.  相似文献   

15.
This article explores to what extent escaped farmed salmon from fish farms affect the willingness-to-pay for recreational fishing of Atlantic salmon in Norwegian rivers. This is a first attempt to explore the economic consequences of escaped farmed species in terms of the anglers’ willingness-to-pay for fishing permits working through the relationship between the price of fishing permits and the share of escaped farmed salmon. The empirical analysis is based on the results from a contingent valuation survey conducted in Norway. It is found that the presence of escaped farmed salmon in Norwegian rivers may have severe economic consequences on the willingness-to-pay for recreational fishing with a reduction of up to 85% compared to a situation with a ‘pure’ wild salmon stock.  相似文献   

16.
Abstract

The introduction and rapid expansion of farmed salmon production in the mid 1980s has transformed the international market for salmon. Spain is one of the most important markets for fish within Europe and the world, and has seen a substantial increase in its demand for salmon. As in other European countries, this has raised concerns that the increased supply of salmon to Spain may have detrimental effects on the market prices of traditional (wild‐caught) species.

In this paper, the extent to which salmon competes with the main traditional fish species in the Spanish market is examined using market delineation methodologies. In particular, the potential interactions between species is examined in a multivariate cointegration framework. The results suggest that salmon is at best only a weak substitute for tuna, hake and whiting, but no significant interaction could be found.  相似文献   

17.
The Almost Ideal Demand System (AIDS) is estimated to examine the responses for salmon promotion conducted by the Norwegian Seafood Council (NSC) in the EU Atlantic salmon market. The model allows advertising to shift and rotate the demand curve simultaneously. EU demand is segmented by supply sources of the salmon, namely Norway, the United Kingdom, Chile, Canada, and the Rest of World. Results suggest that a 10% increase in advertising expenditure sponsored by the NSC makes the demand curve of Norwegian salmon and Canadian salmon rotate counterclockwise by 0.54% and 10.3%, respectively, and the curve for the Rest-of-World salmon rotate clockwise by 4.09%. In our empirical case of salmon demand, the impact of advertising-induced rotation on the optimal spending level and the change in producer surplus is significant when the advertising expenditure is greatly intensified, the export volume is huge and the supply is less elastic.  相似文献   

18.
Ocean net pen production of Atlantic salmon is approaching 2 million metric tons (MT) annually and has proven to be cost- and energy-efficient. Recently, with technology improvements, freshwater aquaculture of Atlantic salmon from eggs to harvestable size of 4–5 kg in land-based closed containment (LBCC) water recirculating aquaculture systems (RAS) has been demonstrated as a viable production technology. Land-based, closed containment water recirculating aquaculture systems technology offers the ability to fully control the rearing environment and provides flexibility in locating a production facility close to the market and on sites where cost of land and power are competitive. This flexibility offers distinct advantages over Atlantic salmon produced in open net pen systems, which is dependent on access to suitable coastal waters and a relatively long transport distance to supply the US market. Consequently, in this paper we present an analysis of the investment needed, the production cost, the profitability and the carbon footprint of producing 3300 MT of head-on gutted (HOG) Atlantic salmon from eggs to US market (wholesale) using two different production systems—LBCC-RAS technology and open net pen (ONP) technology using enterprise budget analysis and carbon footprint with the LCA method. In our analysis we compare the traditional open net pen production system in Norway and a model freshwater LBCC-RAS facility in the US. The model ONP is small compared to the most ONP systems in Norway, but the LBCC-RAS is large compared to any existing LBCC-RAS for Atlantic salmon. The results need to be interpreted with this in mind. Results of the financial analysis indicate that the total production costs for two systems are relatively similar, with LBCC-RAS only 10% higher than the ONP system on a head-on gutted basis (5.60 US$/kg versus 5.08 US$/kg, respectively). Without interest and depreciation, the two production systems have an almost equal operating cost (4.30 US$/kg for ONP versus 4.37 US$/kg for LBCC-RAS). Capital costs of the two systems are not similar for the same 3300 MT of head-on gutted salmon. The capital cost of the LBCC-RAS model system is approximately 54,000,000 US$ and the capital cost of the ONP system is approximately 30,000,000 US$, a difference of 80%. However, the LBCC-RAS model system selling salmon at a 30% price premium is comparatively as profitable as the ONP model system (profit margin of 18% versus 24%, respectively), even though its 15-year net present value is negative and its return on investment is lower than ONP system (9% versus 18%, respectively). The results of the carbon footprint analysis confirmed that production of feed is the dominating climate aspect for both production methods, but also showed that energy source and transport methods are important. It was shown that fresh salmon produced in LBCC-RAS systems close to a US market that use an average US electricity mix have a much lower carbon footprint than fresh salmon produced in Norway in ONP systems shipped to the same market by airfreight, 7.41 versus 15.22 kg CO2eq/kg salmon HOG, respectively. When comparing the carbon footprint of production-only, the LBCC-RAS-produced salmon has a carbon footprint that is double that of the ONP-produced salmon, 7.01 versus 3.39 kg CO2eq/kg salmon live-weight, respectively.  相似文献   

19.
ABSTRACT

This study examines price formation of the internationally traded salmon futures exchange. Analyzing data from 2006 to 2015, the study identifies the co-integration relationship between the spot market price and 1–6-, 9- and 12-month futures contract prices. With exception of the 12-month maturity futures price, the unbiasedness hypothesis is shown to hold, thus evidence of risk neutrality and efficiency among the co-integrated pairs. Further, it is evident that the spot price provides leadership role in the price discovery function for the 1-, 2- and 6-months futures contract. On the contrary, the 3-, 4-, 5-, 9- and 12-months futures contracts provide the expected leadership role in the price discovery function, a case that supports a matured market that can be considered a necessary price risk management tool. The mixed finding is an indication of a maturing or near matured futures market. Analysis of the term structure of futures volatilities reveal that the shorter the length of the futures contract, the more volatility there is. This is because salmon prices exhibit short-term cyclical and seasonal patterns like other agricultural commodities. As such, salmon producers will be better off hedging in far month futures contracts, ceteris paribus.  相似文献   

20.
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