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Long run price flexibilities for high valued UK fish species: A cointegration systems approach

Jaffry, Shabbar A., Pascoe, Sean, Robinson, Catherine (1999) Long run price flexibilities for high valued UK fish species: A cointegration systems approach. Applied Economics, 31 (4). pp. 473-481. ISSN 0003-6846. (doi:10.1080/000368499324183) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided)

The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. (Contact us about this Publication)
Official URL
http://dx.doi.org/10.1080/000368499324183

Abstract

In this paper, the own and cross-price flexibilities for four high valued species (bass, lobster, sole and turbot) landed in the UK are estimated. System of equation models were developed using the vector error correction model (VECM) approach. Johansen's multivariate approach was used to obtain estimates of the long run steady state relationship (vectors) between fish prices and landings. To find unique vectors (i.e. no interdependent vectors) zero restrictions on the coefficients of the price variables were applied so that the model effectively contained quantity independent variables only. The resulting vectors were four unique cointegration long run relationships of monthly fish prices and landings. Various tests suggested that the variables were I(1) nonstationary variables. The model also suggested that there are more than one cointegration vectors (relationships) between the variables. It was found that bass has the largest absolute long run own price flexibility. Bass and lobster were found to be weak substitutes while sole and turbot were found to be substitutes. The results suggest, however, that the relationship is not symmetrical, with the quantity of sole having a greater effect on the price of turbot than turbot on sole.

Item Type: Article
DOI/Identification number: 10.1080/000368499324183
Additional information: Unmapped bibliographic data: AD - Ctr. Econ./Mgmt. of Aquatic Rsrc., Department of Economics, University of Portsmouth, Locksway Road, Portsmouth PO4 8JF, United Kingdom [Field not mapped to EPrints] JA - Appl. Econ. [Field not mapped to EPrints]
Uncontrolled keywords: cointegration analysis, economic analysis, fishing industry, modeling, United Kingdom
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > Kent Business School > International Business and Strategy
Depositing User: Tracey Pemble
Date Deposited: 10 Apr 2014 15:22 UTC
Last Modified: 06 Feb 2020 04:09 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/39173 (The current URI for this page, for reference purposes)
Robinson, Catherine: https://orcid.org/0000-0001-8861-4880
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