This study examines price formation of the internationally traded salmon futures exchange. The results show that the futures market price provides the expected role of leading the spot market price. Further, the futures market is efficient but hindered by the presence of risk premium that biases the forecast ability. The...
Traditional economic theory states that liberalising trade and moving to freer trade in conventional goods improves global welfare, as well as improving welfare in small countries. It also states that large countries only through the active use of their trade policies can maximise their welfare. However, these results are modified...
Recent research has warned that liberalising trade in capture fishery products originating from inefficient managed fisheries might cause over-exploitation, reduced fish stocks and thereby reduced steady state welfare. This paper qualifies the warning in a case study of the East Baltic cod market by introducing a quantitative supply model of...
In this paper, a new test for causality in demand on markets supplied by both farmed and captured fish is
presented. This method is applied on markets for trout and potential substitutes imported to Germany, to
identify market delineation and causality in demand. It is found that markets for small...
Finnish fish markets have traditionally been supplied by domestic wild fish species: Baltic herring, salmon and several freshwater species. Nowadays, farmed salmon and rainbow trout dominate the market and wild-caught species are moving to niche product segment. In this paper we examine the market integration of Finnish fish markets. We...
Freshwater fish species and Baltic salmon are important to small-scale fisheries in Finland and Sweden.
The formerly local markets for these species have expanded as the food trade has been opened up
to international competition. In this study we use cointegration analysis to test the spatial integration of
freshwater fish...
In the economic literature on fisheries management complete information
is normally assumed. In reality fishermen have more information than the
regulatory authority. In the present paper a principal-agent approach is
applied to analyse management with a tax on fishing days under
asymmetric information about the skill of fishermen (productivity) and...