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This article investigates the volatility of fish prices on a global scale using trade data. The trade data is organized along four dimensions: Geographical market (import), production technology, species, and product form. This allows us to address several interesting questions such as volatility of prices of aquaculture products relative to capture fisheries, or how does volatility vary across species or product forms. In addition we compare the volatility of fish prices to other commodities to investigate their volatility in a broader context. Given the importance of trade in fisheries and aquaculture, our analysis also sheds light on the relative importance of price risk as part of trade revenue risk and the riskiness of various fish enterprises at the market level.
Perceptions and expectations are integral factors affecting decision making. However, aquaculture stakeholders' perceptions and social attitudes have been largely neglected in aquaculture management and planning. We examine the relationship between US aquaculturists' intended actions to expand production capacity abroad and factors influencing their decisions, including: perceptions of market conditions, regulatory climate, property rights, government leadership, comparative advantages, and demographic characteristics. Primary data were collected via an original survey. The results indicate that large-scale, non-shellfish marine aquaculturists without an advanced graduate degree are more likely to expand abroad. These aquaculturists tend to have high expectations about seafood demand and think that US permit and environmental regulations are strict; aquaculture leases should be transferable; and the United States has comparative advantages in skilled labor availability and access to domestic markets. If retaining aquaculture entrepreneurs and investors domestically is the policy target, recommendations are given.
We measure demand growth for all salmon-importing regions of the world using an index approach for the 2002–2011 period. Our results demonstrate that there are substantial variations in demand growth by region and over time. Russia and Brazil exhibit the highest demand growth, with average annual growth rates of approximately 20%. More established markets, such as the United States and Japan, demonstrate the lowest annual demand growth, at approximately 3%. During the sample period, the average annual rate of aggregated global demand growth is approximately 9%, whereas total global demand growth is approximately 94%.
Seafood consumers are vastly heterogeneous in terms of their knowledge, confidence, and perceptions about seafood. This article examines the relationship between consumer perceptions (healthiness, value for money, and convenience) and salmon consumption frequencies while modeling unobserved consumer heterogeneity by segmenting consumers based on their food-related lifestyle. We employ latent class analysis (LCA) that embeds the structural equation modeling (SEM) to ensure the latent nature of both the consumer segment and the food lifestyle measures are properly accounted for. The analysis is applied to five European countries (United Kingdom, Germany, France, Russia, and Sweden). We contribute to the literature by providing new insights into how food lifestyle may influence the salmon consumption behavior by highlighting the differences among food lifestyle segments in different countries.
This article examines the extent of competition in the US salmon import market using a residual demand model. The estimated residual demand elasticity is coincident with the profit margin, which depends on market demand and competitors' supply as well as production cost. The estimation results reveal the following: (1) the forces driving the jointly dominant positions of Chilean and Canadian salmon exporters, (2) the suppliers' allocation decisions by product form, (3) the consequences of the antidumping order (AD) imposed on Chilean salmon, and (4) the impacts of the 2008 infectious salmon anemia (ISA) outbreak on Chilean exports, competitors' supply, and market demand.
The purpose of this article is to examine the choice of currency for Norwegian salmon exporters. The choice of invoicing currency will affect prices in different markets as well as risk, factors that are increasingly important as the supply chain for salmon is becoming more sophisticated and more transactions mechanisms are introduced. The results indicate that destination-specific market characteristics have impacts as to the choice of invoicing strategy. Norwegian salmon exporters primarily invoice in the export market currency (47% of the exported quantity), but also use a vehicle currency and producer pricing (19%) in a significant number of transactions. The euro is the preferred vehicle currency (18%), closely followed by the US dollar (USD) (16%). The USD is the dominating invoicing currency for exports beyond Europe.
In this article, a risk-augmented differential demand system is developed to test the effects of exchange rate volatility (ERV) on trade. Applying the model to data on US imports of salmon from Chile, Canada, Norway, the United Kingdom, and Rest of World (ROW), results indicate ERV reduces imports. The effect, however, is modest in that the ERV elasticities are only 15% as large as price elasticities. Overall, US imports of salmon are much more sensitive to changes in relative prices and income than to changes in ERV. Bias in the estimated price and expenditure elasticities associated with omitting the ERV variables from the model in some cases is non-trivial.
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