U.S. shrimp market integration

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2012-06-25

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Abstract

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.

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10.5950/0738-1360-27.2.181

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Asche, F, LS Bennear, A Oglend and MD Smith (2012). U.S. shrimp market integration. Marine Resource Economics, 27(2). pp. 181–192. 10.5950/0738-1360-27.2.181 Retrieved from https://hdl.handle.net/10161/13599.

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Scholars@Duke

Bennear

Lori Snyder Bennear

Professor of Environmental Economics and Policy

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 environmental policies such as information disclosure and management-based regulations actually improve corporate environmental performance, change household behavior, or improve individual environmental health indicators. (2) Evaluating strategic behavioral responses to non-traditional regulatory regimes. Environmental policies create incentives and in responding to these incentives, regulated entities sometimes behave strategically in ways that undermine program effectiveness.  This line of research seeks to illuminate these strategic behavioral responses and quantify the magnitude of their impact.  (3)  Assessing the distributional impacts of these new regulatory regimes. My research in this area evaluates whether innovations in regulatory policy result in uneven distribution of environmental impacts on lower income or minority communities.  (4)  Evaluating the role of program evaluation in environmental policy. My research identifies the barriers to and facilitators of increased use of evaluation in environmental policy.

Smith

Martin D. Smith

George M. Woodwell Distinguished Professor of Environmental Economics

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 identifying unintended consequences of marine and coastal policies that ignore human behavioral feedbacks. Smith’s methodological interests span micro-econometrics, optimal control theory, time series analysis, and numerical modeling of coupled human-natural systems. Smith’s published work appears in The American Economic Review, Nature, Science, Proceedings of the National Academy of Sciences, Journal of Environmental Economics and Management, the Review of Economics and Statistics, and a number of other scholarly journals that span environmental economics, fisheries science, marine policy, ecology, and the geo-sciences. Smith has received national and international awards, including the Quality of Research Discovery from the Agricultural and Applied Economics Association, Outstanding Article in Marine Resource Economics, and an Aldo Leopold Leadership Fellowship. His research has been funded by the National Science Foundation, the National Oceanic and Atmospheric Administration, the National Center for Ecological Analysis and Synthesis, and the Research Council of Norway. Smith has served as Editor-in-Chief of the journal Marine Resource Economics, Co-Editor of the Journal of the Association of Environmental and Resource Economists, and Co-Editor of the Journal of Environmental Economics and Management. He served as a member of the Scientific and Statistical Committee of the Mid-Atlantic Fishery Management Council and currently serves on the Ocean Studies Board of the National Academies.


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