Advanced SearchSearch Tips
Analyzing Price Interactions between Wild Caught Fish and Farmed Fish on the Korean Seafood Market
facebook(new window)  Pirnt(new window) E-mail(new window) Excel Download
 Title & Authors
Analyzing Price Interactions between Wild Caught Fish and Farmed Fish on the Korean Seafood Market
KIM, Do-Hoon; KIM, Hye-Seong;
  PDF(new window)
This study is aimed to estimate price interactions between wild caught fish and farmed fish on the Korean seafood market, using multivariate cointegration analysis. Major commercially important four wild caught fish (chub mackerel, hairtail, yellow croaker and spanish mackerel) and two farmed fish(oliver flounder and black rockfish) are selected as analytical target fish species. Between 2000 and 2013, monthly production and price data are used in this study. The results of cointegration test showed that there would be a long-term equilibrium relationship among 4 wild caught fish and 2 farmed fish. However, the results of exclusion test indicated that farmed fish might not contribute significantly to the long-run relationship, suggesting that farmed fish might be only a weak substitute for wild caught fish, but no significant interaction could be found.
Price interactions;Johansen cointegration test;Exclusion test;Farmed fish;Wild caught fish;
 Cited by
Asche F. et al.(2005). Competition between farmed and wild salmon: the Japanese salmon market, Agricultural Economics, 33, 333-340. crossref(new window)

Asche F.․Bjorndal T. & Young J.(2001). Market interactions for aquaculture products, Aquaculture Economics and Management, 5, 303-317. crossref(new window)

Asche F.․Bremnes H. & Wessells C.(1999). Production aggregation, market integration and relationships between prices: An application to world salmon markets, American Journal of Agricultural Economics, 81, 568-581. crossref(new window)

Asche F.․Salvanes K. & Steen F.(1997). Market delineation and demand structure, American Journal of Agricultural Economics, 79, 139-150. crossref(new window)

Bose S. & McIlgorm A.(1996). Substitutability among species in the Japanese tuna market: A cointetration analysis, Marine Resource Economics, 11, 143-155. crossref(new window)

FAO(2014). The state of world fisheries and aquaculture, FAO.

Goodwin B. & Schroeder T.(1991). Cointegration and spatial price linkages in regional cattle markets, American Journal of Agricultural Economics, 73, 452-464. crossref(new window)

Gordon D.․Salvanes K. & Atkins F.(1993). A fish is a fish is a fish? Testing for market linkages on the Paris fish market, Marine Resource Economics, 8, 331-343. crossref(new window)

Gujarati D. & Porter D.(2008). Basic Economerics, 5th edition, McGraw-Hill.

Jaffry S. et al.(2000). Price interactions between salmon and wild caught fish species on the Spanish market", Aquaculture Economics and Management, 4, 157-167. crossref(new window)

Johansen S. & Juselius K.(1990). Maximum likelihood estimation and inference on cointegration - with applications to the demand for money, Oxford Bulletin of Economics and Statistics, 52, 169-210.

Johansen S.(1988). Statistical analysis of cointegration vectors, Journal of Economic Dynamics and Control, 12, 231-254. crossref(new window)

Johansen S.(1991). Estimation and hypothesis testing of cointegration vectors in Gaussian autoregressive models, Econometrica, 59, 1551-1580. crossref(new window)

Kim Do-Hoon(2013). Analyzing Market Integration of Wild Caught Fish Species, Journal of Fisheries Business Administration, 44(1), 71-79. crossref(new window)

Kim Do-Hoon(2014). Market Interactions for Farmed Fish Species on the Korean Market, Ocean and Polar Research, 36(1), 71-76. crossref(new window)

Kwon Yong-Duck & Choi Kyu-Seob(1998). Tests for Market Integration and Price Dynamic Linkage in Beef and Pork Market in Korea : A Cointegration Analysis, Korean Journal of Agricultural Economics, 39(2), 37-62.

Ministry of Oceans and Fisheries(2015). Fisheries Production Statistics. Fisheries Information Servicel (

Statistics Korea(2015). Fisheries Production and Price Statistics. Korea Statistical Information Service (