Prices in the Land of Cod : Analyzing the First-hand Market for Cod in Norway
Doctoral thesis
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http://hdl.handle.net/11250/2398489Utgivelsesdato
2016-06-16Metadata
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Prices in the Land of Cod : Analyzing the First-hand Market for Cod in Norway by Ingrid Kristine Pettersen, Stavanger : University of Stavanger, 2016 (PhD thesis UiS, no. 299)Sammendrag
According to economic theory, a competitive market leads to the most
efficient allocation of resources amongst producers, and for goods and
services among consumers.
In this dissertation, various aspects of the first-hand market for cod is
investigated. Through the study of the price determination processes, both
geographically and in product space, we have been able to reveal that this
market functions well.
The first paper investigates the level of market integration between different
regions that include the two biggest sales organizations in Norway, and
between fresh and frozen cod. The results indicate that the market for exvessel
cod in Norway is integrated. There is evidence that the price
determination in the area of the largest sales organization is leading the
smallest. Fresh and frozen cod also belongs to the same market, and the
frozen cod market is leading the fresh market, ensuring that the Norwegian
market for fresh cod is also a part of a global market.
The second paper estimates the value of the different attributes of cod across
different regions, such as the processing form, the quality, size and gear-type.
There are significant differences in the valuation of different attributes and
the results shows heterogeneity in the pricing of the attributes between
regions. This implies that even though there is basically one representative
price for cod that is valid for all regions, there are still regional price variations.
The third paper finds that the seven major product forms of cod at the export
level can be aggregated into one representative index, hence, cod is a
commodity. In addition, there is a long-run relationship between the firsthand
price of cod and the cod price index. This shows that there is one
representative price for cod at the export level which follows the same price
pattern over time as the first-hand price of cod.
The fourth paper finds a link between the legally mandated minimum price of
cod and several of the exported cod products, so indicating that the minimum
price is market-based. Furthermore, we estimated the effect of the cod price
index from paper 3, and other variables, on the margin between the minimum
price and the first-hand price. The aggregate price transmission effect is less
than or equal to one, implying that the price signals from the market is
transmitted to the first-hand market in a 1:1 relationship.
Beskrivelse
PhD thesis in Natural Sciences
Består av
Pettersen, I. K., Asche, F. & Myrland Ø. : Testing for Market Integration for Ex-vessel Cod between different regions in NorwayAsche, F. & Pettersen, I. K. : Hedonic Price Analysis of the Ex-vessel Cod in Norway
Pettersen, I. K. & Myrland, Ø. : A Cod is a Cod, but is it a Commodity? Journal of Commodity Markets
Myrland, Ø. & Pettersen, I. K. : The Cod and the Minimum Price