The effect of buyers and sellers on fish market prices

Laurent Gobillon, François-Charles Wolff and Patrice Guillotreau

European Review of Agricultural Economics, 2017, vol. 44, issue 1, 149-176

Abstract: This paper extends the traditional hedonic price specification to take into account the unobserved heterogeneity of sellers, buyers and seller–buyer matches. The specification is estimated using econometric techniques for non-nested panel data models on a data set of nearly 15 million transactions occurring in French wholesale fish markets over the 2002–2007 period. Results show that unobserved heterogeneity plays a significant role in price setting. For some species, its inclusion in price regressions changes the coefficients of quality-related fish characteristics. Fish characteristics are the main factors explaining price variations for many species, but time and buyer effects also play a significant role.

Keywords: fish; commodity price; unobserved heterogeneity; variance analysis; panel data (search for similar items in EconPapers)
JEL-codes: L11 Q22 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (15)

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