Modeling Demand for Fishmeal Using a Heterogeneous Estimor for Panel Data Public Deposited

http://ir.library.oregonstate.edu/concern/conference_proceedings_or_journals/8910jv80v

Research Paper

Descriptions

Attribute NameValues
Creator
Abstract or Summary
  • Increased livestock and aquaculture production can put pressure on the fishmeal market, and thus industrial fisheries stocks, since both of these sectors use fishmeal in their feeds. Data indicate that fishmeal supply has reached a production limit due to limited marine resources. Meanwhile there has been an explosive growth in global aquaculture production in the last couple of decades while traditional livestock production continues to grow at a steady rate. This paper examines the impact this may have on the global fishmeal market and industrial fisheries using a derived demand analysis of fishmeal. Inelastic demand for fishmeal implies that prices are bound to increase strongly, which, furthermore, can limit growth of global aquaculture. We estimate a panel data model of fishmeal demand using a shrinkage estimator that allows heterogeneous estimators for individual countries. This is important for assessing the impact these two sectors will have on the fishmeal market. Our results show that the precision of predictions is substantially higher for a shrinkage estimator than for the OLS estimator and standard panel data estimators. Furthermore, econometric models estimated by OLS produce implausible elasticities for some countries. According to the empirical results from the shrinkage model total fishmeal demand is generally inelastic in own price. However, the own price elasticity has increased in absolute terms as salmon aquaculture production has increased relative to pig and poultry production. This implies that there is scope for reduced fishmeal consumption in the salmon industry when prices increase.
Resource Type
Date Available
Date Issued
Citation
  • Tveteras, Ragnar, Sigbjorn Tveteras, Elin H. Sissener. 2002. Modeling Demand for Fishmeal Using a Heterogeneous Estimor for Panel Data. Peer Review: No. In: Proceedings of the Eleventh Biennial Conference of the International Institute of Fisheries Economics and Trade, August 19-22, 2002, Wellington, New Zealand: Fisheries in the Global Economy. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2002. CD ROM.
Conference Name
Keyword
Subject
Rights Statement
Publisher
Peer Reviewed
Language
Replaces
Additional Information
  • description.provenance : Submitted by Katy Davis (kdscannerosu@gmail.com) on 2015-08-27T21:36:44Z No. of bitstreams: 1 A_186.pdf: 179892 bytes, checksum: 9ef3f19bf0d8d6e9f6b60776fdb5504c (MD5)
  • description.provenance : Made available in DSpace on 2015-08-27T22:32:33Z (GMT). No. of bitstreams: 1 A_186.pdf: 179892 bytes, checksum: 9ef3f19bf0d8d6e9f6b60776fdb5504c (MD5) Previous issue date: 2002-08
  • description.provenance : Approved for entry into archive by Katy Davis(kdscannerosu@gmail.com) on 2015-08-27T22:32:33Z (GMT) No. of bitstreams: 1 A_186.pdf: 179892 bytes, checksum: 9ef3f19bf0d8d6e9f6b60776fdb5504c (MD5)

Relationships

In Administrative Set:
Last modified: 07/17/2017

Downloadable Content

Download PDF
Citations:

EndNote | Zotero | Mendeley

Items