U.S. shrimp market integration
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Recent supply shocks in the Gulf of Mexico-including hurricanes, the Deepwater Horizon oil spill, and the seasonal appearance of a large dead zone of low oxygen water (hypoxia)-have raised concerns about the economic viability of the U.S. shrimp fishery. The ability of U.S. shrimpers to mediate supply shocks through increased prices hinges on the degree of market integration, both among shrimp of different sizes classes and between U.S. wild caught shrimp and imported farmed shrimp. We use detailed data on shrimp prices by size class and import prices to conduct a co-integration analysis of market integration in the shrimp industry. We find significant evidence of market integration, suggesting that the law of one price holds for this industry. Hence, in the face of a supply shocks, prices do not rise; instead, imports of foreign farmed fish increase.
Published Version (Please cite this version)10.5950/0738-1360-27.2.181
Publication InfoAsche, Frank; Bennear, Lori Snyder; Oglend, A; & Smith, Martin D (2012). U.S. shrimp market integration. Marine Resource Economics, 27(2). pp. 181-192. 10.5950/0738-1360-27.2.181. Retrieved from http://hdl.handle.net/10161/13599.
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Juli Plant Grainger Associate Professor
My research focuses on evaluating environmental policies and improving methods and techniques for conducting these evaluations. While the field of policy evaluation is a broad one, my specific niche is in bringing rigorous quantitative methods to evaluate environmental policy innovations along four dimensions. (1) Evaluating the effectiveness of environmental policies and programs. This line of research uses statistical analysis to estimate the extent to which environmenta
Professor of Environmental Economics in the
Smith studies the economics of the oceans, including fisheries, marine ecosystems, seafood markets, and coastal climate adaptation. He has written on a range of policy-relevant topics, including economics of marine reserves, seasonal closures in fisheries, ecosystem-based management, catch shares, nutrient pollution, aquaculture, genetically modified foods, the global seafood trade, organic agriculture, coastal property markets, and coastal responses to climate change. He is best known for id
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