The effect of buyers and sellers on fish market prices

Laurent Gobillon, François-Charles Wolff and Patrice Guillotreau

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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)
Date: 2017-01-06
Note: View the original document on HAL open archive server: https://hal.science/hal-03914098v1
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Citations: View citations in EconPapers (4)

Published in European Review of Agricultural Economics, 2017, 44 (1), pp.149-176. ⟨10.1093/erae/jbw006⟩

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Journal Article: The effect of buyers and sellers on fish market prices (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03914098

DOI: 10.1093/erae/jbw006

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