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Evaluating the Law of one Price Using Micro Panel Data: The Case of the French Fish Market

Author

Listed:
  • Laurent Gobillon

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research)

  • François-Charles Wolff

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes, INED - Institut national d'études démographiques)

Abstract

This paper investigates spatial variations in product prices using an exhaustive micro dataset on fish transactions. The data includes all transactions between vessels and wholesalers that occurred within local fish markets in France during 2007. Spatial disparities in fish prices are sizable even after taking into account fish quality, time, and unobserved seller and buyer heterogeneity. The price difference between local fish markets can be explained to some extent by distance, but mostly by a coast effect related to market locations on the Atlantic and Mediterranean coasts. We also propose a new approach for identifying groups of interconnected local fish markets based on the activity of sellers and buyers within these markets. We show that most markets on the Atlantic coast are well connected, and that variation in prices across these markets is very small and in line with the law of one price.

Suggested Citation

  • Laurent Gobillon & François-Charles Wolff, 2016. "Evaluating the Law of one Price Using Micro Panel Data: The Case of the French Fish Market," PSE-Ecole d'économie de Paris (Postprint) halshs-01313672, HAL.
    • Handle: RePEc:hal:pseptp:halshs-01313672
    DOI: 10.1093/ajae/aav008
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    Cited by:

    1. Fiankor, Dela-Dem Doe, 2022. "Distance to destination and export price variation within agri-food firms," 96th Annual Conference, April 4-6, 2022, K U Leuven, Belgium 321203, Agricultural Economics Society - AES.
    2. Adland, Roar & Cariou, Pierre & Wolff, Francois-Charles, 2017. "What makes a freight market index? An empirical analysis of vessel fixtures in the offshore market," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 104(C), pages 150-164.
    3. Gobillon, Laurent & Wolff, François-Charles, 2020. "The local effects of an innovation: Evidence from the French fish market," Ecological Economics, Elsevier, vol. 171(C).
    4. Victor Vasse & François-Charles Wolff, 2022. "Cooperation and sales revenue of fisheries," Post-Print hal-03913069, HAL.
    5. François-Charles Wolff & Frédéric Salladarré, 2022. "A first-sale price index of seafood products," Post-Print hal-03913085, HAL.
    6. Wolff, François-Charles & Asche, Frank, 2022. "Pricing heterogeneity and transaction mode: Evidence from the French fish market," Journal of Economic Behavior & Organization, Elsevier, vol. 203(C), pages 67-79.
    7. Vasse, Victor & Wolff, François-Charles, 2022. "Cooperation and sales revenue of fisheries: Evidence from France," Ecological Economics, Elsevier, vol. 198(C).
    8. Adland, Roar & Cariou, Pierre & Wolff, Francois-Charles, 2016. "The influence of charterers and owners on bulk shipping freight rates," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 86(C), pages 69-82.
    9. Dela‐Dem Doe Fiankor & Bernhard Dalheimer & Daniele Curzi & Onno Hoffmeister & Bernhard Brümmer, 2024. "Does it matter how we ship the good apples out? On specific tariffs, transport modes, and agricultural export prices," Agricultural Economics, International Association of Agricultural Economists, vol. 55(3), pages 498-514, May.
    10. Roar Adland & Pierre Cariou & Francois-Charles Wolff, 2017. "What makes a freight market index ?," Post-Print hal-03913228, HAL.

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