Price Effects of Changing Quantities Supplied at the Integrated European Fish Market

Nielsen, Max; Smit, Jos; Guillén, Jordi

doi:10.5950/0738-1360-27.2.165

Cited by 30 publications

(12 citation statements)

References 14 publications

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“…Thus, this long-term profitability overestimation can easily lead to recovering the investment at a later stage than the estimated one, if at all. As reported by Nielsen, Smit, and Guillen (2012), this lower net present value of the effects of a management measure could be worsened by a smaller price increase than expected when landings are initially reduced.…”

Section: Discussionmentioning

confidence: 91%

Effects of the Share Remuneration System on Fisheries Management Targets and Rent Distribution

Guillén

Macher

Merzéréaud

et al. 2015

Marine Resource Economics

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A B S T R A C TMost fisheries worldwide remunerate their crew with a share system, where crew receive a part of the revenues or a part of the revenues less costs, rather than a fixed wage. Although labor is one of the main costs in fisheries and the share remuneration system has a strong influence on firm behavior and its economic performance, little attention has been paid it. In a share remuneration system, crew salaries can significantly increase when the economic performance of a vessel improves. This allows the crew to capture part of the fisheries rent. Bioeconomic analyses are performed for the Bay of Biscay nephrops fishery on main management targets. Results confirm the importance of considering a share system compared to a fixed remuneration system in vessel owner (capital) and crew (labor) rent distribution and fishing decisions.

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Section: Discussionmentioning

confidence: 91%

Effects of the Share Remuneration System on Fisheries Management Targets and Rent Distribution

Guillén

Macher

Merzéréaud

et al. 2015

Marine Resource Economics

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“…One option is to capture a large part of the market by aggregating the supply of each species into a single national supply (e.g. Nielsen et al 2012;Cheng and Capps 1988). In this case the implicit assumption is that harvests from all regions are perfect substitutes and when faced with a change in supply consumers are indifferent 22 about where the change in harvest occurred.…”

Section: Resultsmentioning

confidence: 99%

Welfare analysis in a two-stage inverse demand model: an application to harvest changes in the Chesapeake Bay

Moore

Griffiths

2017

Empir Econ

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Like many agricultural commodities, fish and shellfish are highly perishable and producers cannot easily adjust supply in the short run to respond to changes in demand. In these cases, it is more appropriate to conduct welfare analysis using inverse demand models that take quantities as given and allow prices to adjust to clear the market. One challenge faced by economists conducting demand analysis is how to limit the number of commodities in the analysis while accounting for the relevant substitutability and complementarity among goods. A common approach in direct demand modeling is to assume weak separability of the utility function and apply a multi-stage budgeting approach. This approach has not, however, been applied to an inverse demand system or the associated welfare analysis. This paper develops a two-stage inverse demand model and derives the total quantity flexibilities which describe how market clearing prices respond to supply changes in other commodity groups. The model provides the means to estimate consumer welfare impacts of an increase in finfish and shellfish harvest from the Chesapeake Bay while recognizing that harvests from other regions are potential substitutes. Comparing the two-stage results with single-stage analysis of the same data shows that ignoring differentiation of harvests from different regions, or the availability of substitutes not affected by a supply shock, can bias welfare estimates.

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“…For example, Mentor Bouniatian proved its validity for American corn price elasticity between 1866-91, and Prussian rye around the middle of the 19 th century. Anthony Wrigley accepted its prestige, although it was not clear for him whether Davenant talked about net or gross product, or whether it was also applicable to other places and times (Wrigley, 1987;Nielsen, Smit & Guillén, 2012). There are other authors who have disregarded the price elasticity resulting from Davenant's Law, either considering it to be too low or merely a speculative generalization with no real basis (Barquín, 2005;Persson, 1999;Parenti, 1942).…”

Section: Methodology Used To Estimate a Yearly Series Of Physical Whementioning

confidence: 99%

Building an annual series of English wheat production in an intriguing era (1645-1761): methodology, challenges and results

2019

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This article presents a method for estimating an annual series of English wheat production in physical units during the intriguing period of 1645-1761, when the English Agricultural Revolution began. It is based on Davenant’s Law and the assumption of a decrease in long-term crop variability, taking into account the yields obtained from probate inventories and farm accounts. The exercise confirms the idea that the King-Davenant accounting of the inverse variation of prices and quantities through price elasticity was indeed a common rule at that time, whereas income elasticity did not become a decisive factor until the mid-18th century. From then on it gained momentum, as can be observed by lengthening the series until 1884. The new series of English wheat production presented here also shows that, from a physical and environmental perspective, the Agricultural Revolution began before 1750 and resumed after 1800. The results are consistent with recent estimates of agricultural GDP put forward in the literature on English economic history.

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Price Effects of Changing Quantities Supplied at the Integrated European Fish Market

Cited by 30 publications

References 14 publications

Effects of the Share Remuneration System on Fisheries Management Targets and Rent Distribution

Effects of the Share Remuneration System on Fisheries Management Targets and Rent Distribution

Welfare analysis in a two-stage inverse demand model: an application to harvest changes in the Chesapeake Bay

Building an annual series of English wheat production in an intriguing era (1645-1761): methodology, challenges and results

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