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The Transmission of Price Changes between Wholesale and Ex-Vessel Markets in the Alaska Shoreside Pollock Fishery Public Deposited

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  • This paper tests the existence of asymmetric price transmission between first-wholesale and ex-vessel markets in the Alaska shoreside pollock fishery. The theory of derived demand implies that price changes should be transmitted through different levels of the supply chain. This suggests a cointegrating relationship between prices at the first-wholesale (the first sale after processing onto the global market) and ex-vessel (the sale from harvesters to shoreside processors) market levels. Asymmetries in the transmission of prices arise when price changes do not fully pass through or are delayed. A threshold error-corrections model is used to test for price asymmetries in the timing, direction and magnitude price changes between the two markets. Results indicate that price shocks flow downstream through the supply chain (i.e., from the first-wholesale to the ex-vessel market). Furthermore, moderate negative deviations in the first-wholesale price are transmitted to the ex-vessel price more quickly.
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  • 097634324X

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