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Nonlinear Inverse Almost Ideal Demand System for Shellfish in Rhode Island: A Market Study

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  • The opening and closing of the shellfish harvest area inevitably influences the market, particularly the exvessel prices that harvesters receive. Without a better understanding of shellfish market and its behaviors, it is impractical to determine the impact of management policies on the market as well as the fishery resources. Using Rhode Island data, this study aims to understand and quantify the market interactions of wild harvested shellfish products in Rhode Island. Specifically, we estimated how sensitive are the exvessel prices of shellfish products (three market categories for quahog, scallop, and whelk) with respect to the quantity landed, both of its own and other products. The data were obtained from Statistical Atlantic Fisheries Information System (SAFIS) and analyzed using Nonlinear Inverse Almost Ideal Demand System (NL-IAIDS) to estimate the price sensitivity of shellfish. We found that exvessel prices were inflexible to the variation in quantity landed, however the magnitude of sensitivity varied across products: most sensitive was necks and least sensitive was cherrystone. The study also found that shellfish products included in this study were all substitutes to each other which have a policy implication. The substitutive relationship between the shellfish species would help fishermen to maintain their profit by switching to catch other species/products if catch of one of the species/products is predominant. However, the magnitude of the relation varies with products. Our result showed that the relationship was stronger between necks and cherrystone quahog and least affected between cherrystone and scallops.
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  • Sudhakaran, Pratheesh O., and Hiro Uchida. 2015. Nonlinear Inverse Almost Ideal Demand System for Shellfish in Rhode Island: A Market Study. In: Proceedings of the Eighth Biennial Forum of the North American Association of Fisheries Economists, May 20-22, 2015, Ketchikan, Alaska: Economic Sustainability, Fishing Communities and Working Waterfronts. Compiled by Ann L. Shriver and Melissa Errend. North American Association of Fisheries Economists, Corvallis, Oregon, USA, 2015.
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  • Ketchikan, Alaska, USA
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  • Alaska Sea Grant, North Pacific Fishery Management Council, North Pacific Research Board, Northern Economics, Pollock Conservation Cooperative Research Center, Rasmuson Foundation, University of Alaska Fairbanks, School of Fisheries and Ocean Sciences, University of Alaska Southeast, Ketchikan
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