Are Norwegian fishermen selling in the same market?
Ingrid Kristine Pettersen,
Eivind Hestvik Brækkan and
Journal of Commodity Markets, 2018, vol. 12, issue C, 9-18
Can a perishable food commodity with strong seasonal variation in supply, supplied by producers with limited operational radius, belong to a spatially integrated market? The majority of Norwegian cod is landed during a few winter months. Moreover, most of the catch is landed fresh by a fleet consisting primarily of many smaller vessels with limited operational radius. This makes landing patterns and potentially markets regional. However, there are also landings in the remainder of the year, primarily by larger oceangoing vessels such as trawlers with a larger operational radius that may ensure market integration between the regions. Market integration can also be ensured through landings of a potential substitute; frozen cod, which is less perishable. In this paper we investigate the degree of market integration between different regions for fresh cod in Norway, and between fresh and frozen cod. We find that the markets for fresh cod are integrated but not all regions adhere to the Law of One Price. Markets for fresh and frozen cod are also integrated, but not to the extent that the Law of One Price holds. Finally, there is evidence of frozen cod leading the fresh cod prices.
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jocoma:v:12:y:2018:i:c:p:9-18
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