Substitutional relationships between rainbow trout and pansize salmon : a market demand analysis Public Deposited

http://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/tm70mz19d

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  • The fundamental objective of this analysis was to isolate and identify the factors governing the demand for domestically produced rainbow trout in a representative west coast market, and assess the impact on that demand, if any, of the introduction of pansize salmon. The approach taken in this market demand study was to identify those variables hypothesized to determine supply and demand for rainbow trout. Several testable hypotheses concerning the anticipated relationships were specified. It was hypothesized that a negative relationship would exist between the price of trout at the brokerage level and the quantity demanded at that level. Conversely, the price of trout at the wholesale level was hypothesized to be positively correlated with the quantity of rainbow trout demanded at the brokerage level. Further, the signs on the coefficients of variables accounting for the wholesale prices of substitute items were expected to be negative, while comparable prices at the brokerage level should be positive, based upon the hypothesis. It was hypothesized that the presence of Japanese trout in the market place would have a negative impact on the quantity of domestically produced trout demanded. Personal disposable income was hypothesized to be positively correlated with the quantity of trout demanded. Expectations were that seasonal factors tend to cause trout demand to fluctuate cyclically. An econometric simultaneous equations model was specified from which estimates of the parameters of the demand equation were obtained using Two Stage Least Squares techniques. A recognition of the limitations associated with the available data set necessitates the emphasizing of the preliminary nature of these results. Data on quantities and prices of rainbow trout and equivalent price series for hypothesized substitutes were obtained through personal interviews with market participants and close observers thereof. The results of the study, while preliminary, tend to support the original set of hypotheses concerning the interrelationships between quantity of domestic trout demanded and own-price, the price of close substitutes and seasonal demand fluctuations. Somewhat unexpectedly, the regression seems to have uncovered a negative income/quantity demanded relationship for rainbow trout. This raises some interesting questions which might best be addressed in terms of hypotheses for future analysis.
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