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Research Publications: UM-SG-RS-2015-04
Title:
An inverse demand system for the differentiated blue crab market in Chesapeake Bay.
Year:
2015Authors:
Huang, PSource:
Marine Resources Economics 30 ( 2 ) : 139 - 156DOI:
10.1086/679971Abstract:
This article studies ex-vessel demand of the blue crab market in the Chesapeake Bay. In addition to providing empirical results regarding the important local fishery, it offers a useful example of the potential for inverse demand systems for seafood where quantities are often defined prior to prices and a variety of products are obtained from a single species. This is done using a non-linear Inverse Almost Ideal Demand System coupled with seasonal patterns and controlling for endogeneity. The model used here is able to address seasonality in demand in terms of varying flexibilities over seasons and deals with endogeneity in accordance with biological stock assessment data. Empirical results show significant season-varying market behaviors and the presence of endogeneity in the demand system. All market categories are price inflexible across seasons. Cross-category flexibilities suggest that the categories are quantity substitutes in the market.
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Featured Fellow
Leone Yisrael is a cephalopod-loving scuba diver, cook, and loves to try new activities. She conducts genetic analysis and fieldwork at the Smithsonian Environmental Research Center through the Coastal Disease Ecology Lab.
Featured Research Project
Developing a habitat model for mysids, an important link in Chesapeake Bay food webs
Mysids are important mesozooplankton prey for many species of fish in Chesapeake Bay and are an important link in transferring energy from lower to upper trophic levels. Mysids also serve as biological vectors for benthic-pelagic coupling due to their diel vertical migration and omnivorous prey-switching behavior, which makes mysids important regulators of food web architecture. Despite their central role in coastal food webs, surprisingly little is known about mysid ecology and dynamics in Chesapeake Bay.
