ORIGINS MATTER: (NO) MARKET INTEGRATION BETWEEN CULTURED AND WILD GILTHEAD SEA BREAM IN THE SPANISH SEAFOOD MARKET |
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| Authors: | Gonzalo Rodríguez Rodríguez Roberto Bande Sebastián Villasante |
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| Institution: | 1. Department of Applied Economics, Faculty of Economics and Business Administration , University of Santiago de Compostela , Santiago de Compostela , Galicia , Spain;2. Campus do Mar, International Campus of Excellence , Spain gonzalo.rodriguez@usc.es;4. Campus do Mar, International Campus of Excellence , Spain;5. Department of Foundations of Economic Analysis, Faculty of Economics and Business Administration , University of Santiago de Compostela , Santiago de Compostela , Spain;6. Campus do Mar, International Campus of Excellence , Spain;7. Centro Nacional Patagónico , Consejo Nacional de Investigaciones Científicas y Técnicas (CONICET) , Chubut , Argentina;8. The Beijer International Institute of Ecological Economics and Stockholm Resilience Centre, The Royal Swedish Academy of Sciences , Stockholm , Sweden |
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| Abstract: | Interactions between fisheries and aquaculture have become a major issue that is still insufficiently studied. Therefore, the objective of this article is to test whether the cultured and wild gilthead sea bream in the Spanish seafood markets are integrated. By using the Johansen methodology, cointegration of the price series of farmed and wild gilthead sea bream was tested. In contrast to previous studies, our econometric results show that wild and the farmed gilthead sea bream form two heterogeneous products in the Spanish market. These new results question the generalization currently accepted by the scientific literature that farmed and wild fish are substitutes when they belong to the same species. The binomial product-market, along with some specific features of the Spanish market, such as the negative perceptions of aquaculture by some significant groups of consumers, appeared to have a great explanatory power for justifying these different results. |
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| Keywords: | aquaculture co-integration gilthead sea bream market analysis |
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