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Horizontal Integration of Hake and Monkfish Markets

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Authors: E. Martin e I. del Valle
Issue: 112-3 (301-316)
Topic: Agricultural Economics
Keywords: Cointegration, error correction model, causality, Grand Sole fishery

The aim of this paper is to analyze whether the two main species of the fishery of the Grand Sole (monkfish and hake) constitute a horizontally integrated single market in the products' space. A cointegration approach is used based on monthly price data of first sale for the period 2003-2010. The main results show that the markets of both species are cointegrated and therefore, constitute a single market. There is no bidirectional causality and hake is the leading species.

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