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Delineation of Finnish Fish Markets: Interactions Between Wild and Farmed Fish Species

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Abstract
  • 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 apply multivariate vector autoregressive (VAR) model to study interactions between farmed rainbow trout and wild caught European whitefish, pikeperch, perch and salmon. We found two cointegrated relations in the system. Firstly, European whitefish, pikeperch, and perch are close substitutes to each other. Secondly, we observed co-integration between wild-caught species and farmed rainbow trout. We also modelled the system in moving average form and identified three common stochastic trends, which drive the system. Two of these originate from wild fish species and one comes from farmed rainbow trout. This implies that in the Finnish market wild fish species compete with each other and the prices of these species are affected by farmed fish.
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  • Virtanen, Jarno, Jari Setala, Jukka Laitinen, Kaija Saarni, Asmo Honkanen and Max Nielsen. 2006. Delineation of Finnish Fish Markets: Interactions Between Wild and Farmed Fish Species. In: Proceedings of the Thirteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 11-14, 2006, Portsmouth, UK: Rebuilding Fisheries in an Uncertain Environment. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2006. CD ROM. ISBN 0-9763432-3-1
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  • The National Oceanic & Atmospheric Administration Marine Fisheries Service, United States Department of Commerce (NOAA Fisheries); United Kingdom Department for Environment, Food and Rural Affairs (DEFRA); The United States Agency for International Development supported Aquaculture Collaborative Research and Support Program (ACRSP).
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