This paper estimates a hedonic price function for hake using data from a fish auction market in Northern Spain. The model includes some variables that have not been previously considered in the literature, such as the number of boats present at the auction, the number of buyers, the number of yearly landings at this port by boats, the effect of holidays, and the order of the boat in the auction, which is the main variable of interest. Aside from confirming that well-known fish characteristics (such as size and freshness) contribute to higher prices, the results show that boat order has a quadratic relationship with price, implying that there is an optimal order in the auction. Furthermore, the results also show that fishmongers pay higher prices than do larger buyers, that boats that land more often at the port get a premium, and that lower prices are reached on the days before and after a holiday.
{"title":"Does Boat Order in the Auction Affect the Price in Fish Markets? Hedonic Pricing for Hake in Northern Spain","authors":"A. Alvarez","doi":"10.1086/719997","DOIUrl":"https://doi.org/10.1086/719997","url":null,"abstract":"This paper estimates a hedonic price function for hake using data from a fish auction market in Northern Spain. The model includes some variables that have not been previously considered in the literature, such as the number of boats present at the auction, the number of buyers, the number of yearly landings at this port by boats, the effect of holidays, and the order of the boat in the auction, which is the main variable of interest. Aside from confirming that well-known fish characteristics (such as size and freshness) contribute to higher prices, the results show that boat order has a quadratic relationship with price, implying that there is an optimal order in the auction. Furthermore, the results also show that fishmongers pay higher prices than do larger buyers, that boats that land more often at the port get a premium, and that lower prices are reached on the days before and after a holiday.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48243687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite its rapid growth during the last three decades, salmon farming is risky because of production risk and dynamic market conditions, resulting in volatile salmon price over time. Price variability raises revenue uncertainty, affecting financial performance, capital structure, and survival probability. This study evaluates how price variability and financial ratios affect business failure in the Norwegian salmon farming industry. An initial statistical analysis indicates a positive correlation between price variability and firm exit cases. The estimation results of the nonproportional hazard model show a positive impact of price variability on the hazard rate. Among financial ratios, retained earnings/total assets and equity/total liabilities influence the hazard rate jointly with price variability. To this end, we discussed the implications regarding risk management and the sustainable growth of the aquaculture industry.
{"title":"Influence of Price Variability and Financial Ratios on Business Failure in the Atlantic Salmon Industry","authors":"Dengjun Zhang, Ragnar Tveterås","doi":"10.1086/718380","DOIUrl":"https://doi.org/10.1086/718380","url":null,"abstract":"Despite its rapid growth during the last three decades, salmon farming is risky because of production risk and dynamic market conditions, resulting in volatile salmon price over time. Price variability raises revenue uncertainty, affecting financial performance, capital structure, and survival probability. This study evaluates how price variability and financial ratios affect business failure in the Norwegian salmon farming industry. An initial statistical analysis indicates a positive correlation between price variability and firm exit cases. The estimation results of the nonproportional hazard model show a positive impact of price variability on the hazard rate. Among financial ratios, retained earnings/total assets and equity/total liabilities influence the hazard rate jointly with price variability. To this end, we discussed the implications regarding risk management and the sustainable growth of the aquaculture industry.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44387722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
K. Nguyen, T. Nguyen, Brice M. Nguelifack, C. Jolly
Insurance premium prediction is a problem for limited-resource farmers. Econometric methods have generated inaccurate premium forecasts. This article investigates the efficacy of machine learning in predicting insurance premium. Machine learning techniques and survey data on willingness to pay were collected from 534 farmers in Ben Tre, Khanh Hoa, Quang Ninh, and Tra Vinh Provinces, Vietnam. The top-performing models were cubist, random forest, and support vector machines. The cubist model, with the highest R2 and lowest root mean square error, was the most appropriate to forecast premiums. Quantity harvested, total cost, stocking density, and willingness to participate in an insurance program were the top-ranked predictors of premium. Predicted premium payments varied by province. Partial dependence plots showed the economic relationship between predicted premium levels and selected variables. The model results demonstrate that machine learning is useful in forecasting insurance premium and exhibits promise for improving econometric techniques in premium determination.
{"title":"Machine Learning Approaches for Predicting Willingness to Pay for Shrimp Insurance in Vietnam","authors":"K. Nguyen, T. Nguyen, Brice M. Nguelifack, C. Jolly","doi":"10.1086/718835","DOIUrl":"https://doi.org/10.1086/718835","url":null,"abstract":"Insurance premium prediction is a problem for limited-resource farmers. Econometric methods have generated inaccurate premium forecasts. This article investigates the efficacy of machine learning in predicting insurance premium. Machine learning techniques and survey data on willingness to pay were collected from 534 farmers in Ben Tre, Khanh Hoa, Quang Ninh, and Tra Vinh Provinces, Vietnam. The top-performing models were cubist, random forest, and support vector machines. The cubist model, with the highest R2 and lowest root mean square error, was the most appropriate to forecast premiums. Quantity harvested, total cost, stocking density, and willingness to participate in an insurance program were the top-ranked predictors of premium. Predicted premium payments varied by province. Partial dependence plots showed the economic relationship between predicted premium levels and selected variables. The model results demonstrate that machine learning is useful in forecasting insurance premium and exhibits promise for improving econometric techniques in premium determination.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48743963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents a comprehensive review and synthesis of studies that forecast economic impacts of ocean acidification. The changes in seawater chemistry resulting from increased carbon dioxide emissions, known as ocean acidification, will have detrimental impacts to marine ecosystem services. Those services include wild capture fisheries, aquaculture, recreation, shoreline protection, and others. The current literature valuing expected impacts to those services is rather thin and tends to focus on mollusk harvesting and aquaculture. Despite the paucity of studies, we divide all relevant estimates into five additively separable economic sectors to provide an aggregate estimate of economic damage from ocean acidification at the end of this century. We perform nonparametric bootstrap simulations to characterize the distribution of estimates within each sector and the aggregation across sectors. We also perform meta-regressions to explore whether estimates provided by these studies are generally consistent with expectations based on ocean chemistry and economic theory.
{"title":"Economic Impacts of Ocean Acidification: A Meta-Analysis","authors":"C. Moore, Jasmine Fuller","doi":"10.1086/718986","DOIUrl":"https://doi.org/10.1086/718986","url":null,"abstract":"This paper presents a comprehensive review and synthesis of studies that forecast economic impacts of ocean acidification. The changes in seawater chemistry resulting from increased carbon dioxide emissions, known as ocean acidification, will have detrimental impacts to marine ecosystem services. Those services include wild capture fisheries, aquaculture, recreation, shoreline protection, and others. The current literature valuing expected impacts to those services is rather thin and tends to focus on mollusk harvesting and aquaculture. Despite the paucity of studies, we divide all relevant estimates into five additively separable economic sectors to provide an aggregate estimate of economic damage from ocean acidification at the end of this century. We perform nonparametric bootstrap simulations to characterize the distribution of estimates within each sector and the aggregation across sectors. We also perform meta-regressions to explore whether estimates provided by these studies are generally consistent with expectations based on ocean chemistry and economic theory.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42351906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
{"title":"Hedonic Price Functions and Market Structure: An Analysis of Supply-Motivated Submarkets for Salmon in California","authors":"Kevin D. Ray, Daniel K. Lew, R. Kosaka","doi":"10.1086/718479","DOIUrl":"https://doi.org/10.1086/718479","url":null,"abstract":"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.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42497159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
F. Asche, T. Garlock, Edward V. Camp, J. Guillen, Ganesh Kumar, Ignacio Llorente, G. Shamshak
The US is the world’s largest seafood importer by value, with an increasing share of imports composed of farmed seafood. Despite numerous policy initiatives, production and growth in the US aquaculture sector is limited, and there is a significant literature discussing potential explanations. In this paper the recent success of imported branzino is used to show that the market is not a constraint. Branzino is a portion-sized white-fleshed fish primarily farmed in the Mediterranean, with no obvious equivalents produced in the US. Since the turn of the century, imports have grown from zero to almost 10,000 metric tons, a quantity that would have made it the fourth-largest farmed fish species if produced in the US, and all is imported fresh. From 2015 when the quantities became more significant, the species entered the large whitefish market, although with a significant price premium relative to tilapia, the largest species in this market, indicating that the opportunity to create separate niches in the seafood market is limited.
{"title":"Market Opportunities for US Aquaculture Producers: The Case of Branzino","authors":"F. Asche, T. Garlock, Edward V. Camp, J. Guillen, Ganesh Kumar, Ignacio Llorente, G. Shamshak","doi":"10.1086/718437","DOIUrl":"https://doi.org/10.1086/718437","url":null,"abstract":"The US is the world’s largest seafood importer by value, with an increasing share of imports composed of farmed seafood. Despite numerous policy initiatives, production and growth in the US aquaculture sector is limited, and there is a significant literature discussing potential explanations. In this paper the recent success of imported branzino is used to show that the market is not a constraint. Branzino is a portion-sized white-fleshed fish primarily farmed in the Mediterranean, with no obvious equivalents produced in the US. Since the turn of the century, imports have grown from zero to almost 10,000 metric tons, a quantity that would have made it the fourth-largest farmed fish species if produced in the US, and all is imported fresh. From 2015 when the quantities became more significant, the species entered the large whitefish market, although with a significant price premium relative to tilapia, the largest species in this market, indicating that the opportunity to create separate niches in the seafood market is limited.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46638101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fisheries reform can increase wealth created by degraded small-scale developing-world fisheries. However, empirical studies of distributional consequences of reforms are scarce. Previous empirical studies largely focus on the fishing sector in isolation or do not disaggregate households into socioeconomic groups. We assess the distributional consequences of a fishery reform using a bioeconomic local general equilibrium model estimated and calibrated with data from a Philippine municipality. We disaggregate households into fishing and nonfishing households with different income levels. Fishing households overcome initial losses as the fish stock recovers, with wealthier fishing households attaining larger absolute gains. Nonfishing households suffer negative spillovers and higher fish prices, and gain only moderately as the fish stock recovers, leaving them worse off over the 20-year period assessed. Our results suggest a need for complementary policies to redress short-run losses and heterogeneous outcomes across households. We also examine how trade mediates the impacts of the reform.
{"title":"A Bioeconomic Local General Equilibrium Assessment of Distributional Consequences of Small-Scale Fisheries Reform in Developing Countries","authors":"Ted E. Gilliland, J. Sanchirico, J. Taylor","doi":"10.1086/718379","DOIUrl":"https://doi.org/10.1086/718379","url":null,"abstract":"Fisheries reform can increase wealth created by degraded small-scale developing-world fisheries. However, empirical studies of distributional consequences of reforms are scarce. Previous empirical studies largely focus on the fishing sector in isolation or do not disaggregate households into socioeconomic groups. We assess the distributional consequences of a fishery reform using a bioeconomic local general equilibrium model estimated and calibrated with data from a Philippine municipality. We disaggregate households into fishing and nonfishing households with different income levels. Fishing households overcome initial losses as the fish stock recovers, with wealthier fishing households attaining larger absolute gains. Nonfishing households suffer negative spillovers and higher fish prices, and gain only moderately as the fish stock recovers, leaving them worse off over the 20-year period assessed. Our results suggest a need for complementary policies to redress short-run losses and heterogeneous outcomes across households. We also examine how trade mediates the impacts of the reform.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48855176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. Macnair, G. Parsons, Theodore D Tomasi, Heath Byrd
This paper demonstrates that the number of trips a person takes to a recreation site can be treated as a utility index of value, which has useful implications. We demonstrate that trip counts, taken as a utility index, embody information about site quality, the cost of reaching the site, and substitute sites. The result has practical value for assessing compensatory restoration projects and conducting benefits transfer. The finding is derived from a linear-in-parameters random utility maximization (RUM) model, the “workhorse” of recreation demand modeling, and so inherits the limitations of this model. An empirical analysis based on a marine recreational fishing example shows that the approximation is reliable as long as the number of trips to the site is a small fraction of the total trips to all sites. In addition, we show that the potential magnitude of the error from using the approximation is comparable to the magnitude of the error for estimates of changes in welfare when using alternative travel cost assumptions. We also show (and it follows from the utility index logic) that the inverse of the travel cost coefficient is a “portable” per-trip value that may be used in benefit transfer. Finally, we discuss theoretical and practical limitations. We refer to our result as “trip equivalency.”
{"title":"Trip Equivalency for Economic Valuation in Recreation Demand Models: Implications for Compensatory Restoration and Benefits Transfer","authors":"D. Macnair, G. Parsons, Theodore D Tomasi, Heath Byrd","doi":"10.1086/717252","DOIUrl":"https://doi.org/10.1086/717252","url":null,"abstract":"This paper demonstrates that the number of trips a person takes to a recreation site can be treated as a utility index of value, which has useful implications. We demonstrate that trip counts, taken as a utility index, embody information about site quality, the cost of reaching the site, and substitute sites. The result has practical value for assessing compensatory restoration projects and conducting benefits transfer. The finding is derived from a linear-in-parameters random utility maximization (RUM) model, the “workhorse” of recreation demand modeling, and so inherits the limitations of this model. An empirical analysis based on a marine recreational fishing example shows that the approximation is reliable as long as the number of trips to the site is a small fraction of the total trips to all sites. In addition, we show that the potential magnitude of the error from using the approximation is comparable to the magnitude of the error for estimates of changes in welfare when using alternative travel cost assumptions. We also show (and it follows from the utility index logic) that the inverse of the travel cost coefficient is a “portable” per-trip value that may be used in benefit transfer. Finally, we discuss theoretical and practical limitations. We refer to our result as “trip equivalency.”","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46496416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：