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Title: Testing for substitutability in the mackerel market: a new method using fractional cointegration
Authors: Garcia-Enriquez, Javier; Arteche, Josu; Murillas-Maza, Arantza
Citation: APPLIED ECONOMICS, 2017, 49, 3912-3926
Abstract: This article seeks to extend knowledge of the mackerel (Scomber scombrus) market in the Basque Country (a region in Spain) by analysing possible relationships between this and other species with similar characteristics such as the sardine (Sardina pilchardus), the horse mackerel (Trachurus trachurus) and the Atlantic chub mackerel (Scomber colias), all of them landed at the ports of the Basque Country. Specifically, the goal is to learn whether these other species can be considered as mackerel substitutes. To that end, a fractional cointegration analysis of different series of historical prices is performed using a novel method never before used in studies of this type. The results indicate that mackerel have no substitutes, and thus form a mono-species regional market. This implies, among other things, that their price is not influenced by the prices of other species, and this should be taken into account by managers when designing management measures and policies to improve the sustainability of the fishing of this species.
Keywords: Fractional cointegration; fisheries markets; mackerel; substitutability; LONG MEMORY; AUTOREGRESSIVE MODEL; BASQUE COUNTRY; INTEGRATION; FISH; MANAGEMENT; INFERENCE; SYSTEMS; AGGREGATION; COMPETITION
Issue Date: 2017
Publisher: ROUTLEDGE JOURNALS, TAYLOR \& FRANCIS LTD
Type: Article
Language: English
DOI: 10.1080/00036846.2016.1273490
URI: http://dspace.azti.es/handle/24689/495
ISSN: 0003-6846
E-ISSN: 1466-4283
Funder: Spanish Ministry of Economy and Competitiveness [ECO2013-40935, ECO2016-76884-P]
ERDF
Basque Government [IT-783-13]
Socioec project [FP 7-KBBE-2011-5]
Appears in Publication types:Artículos científicos



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