Hedonic Price Functions and Market Structure: An Analysis of Supply-Motivated Submarkets for Salmon in California

Ray, Kevin D.; Lew, Daniel K.; Kosaka, Rosemary

doi:10.1086/718479

i

Hedonic Price Functions and Market Structure: An Analysis of Supply-Motivated Submarkets for Salmon in California

Supporting Files

2022
By Ray, Kevin D. ; Lew, Daniel K. ; Kosaka, Rosemary
Source Marine Resource Economics, 37(2), 135-154

Details

Journal Title:

Marine Resource Economics
Personal Author:

Ray, Kevin D. ; Lew, Daniel K. ; Kosaka, Rosemary
NOAA Program & Office:

NMFS (National Marine Fisheries Service) ; SWFSC (Southwest Fisheries Science Center) ; AFSC (Alaska Fisheries Science Center)
Description:

Hedonic price functions are frequently used to identify the marginal implicit prices for characteristics of differentiated products, including seafood products. These marginal implicit prices are determined by both consumer preferences and producer costs. When preferences or costs for a single characteristic differ systematically across omitted submarkets, the results are an average of the heterogeneous effects. An empirical test for the joint significance of interaction terms is sufficient to identify the presence of submarkets. We motivate the selection of submarkets on the basis of production differences across salmon species, then use county-level aggregate retailer scanner data for the US state of California from 2013 to 2016 to estimate hedonic price functions. The results indicate that species and production method submarkets exist. Letting differences in production motivate the dimensions for submarkets results in a more accurate picture of the market.
Keywords:
Source:

Marine Resource Economics, 37(2), 135-154
DOI:

https://doi.org/10.1086/718479
Document Type:

Journal Article
Rights Information:

Public Domain
Compliance:

Submitted
Download URL:

https://repository.library.noaa.gov/view/noaa/47817/noaa_47817_DS1.pdf
File Type:

[PDF - 984.51 KB]
Collection(s):

National Marine Fisheries Service (NMFS)
Main Document Checksum:

urn:sha256:13570ce4bcb3874de41ef154d0d85ce292f162c310c551a86ff239c87c1dcfa6

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