Abstract This paper investigates how pricing efficiency of Norwegian salmon exports varies across destination market characteristics. Efficiency is defined as the rate at which individual transaction prices adjust to common market information, and is estimated by dynamic fixed effects panel models with parameters conditional on trade attributes using micro-level trade data. Our results show that contract type (Incoterms) used in transactions can be used to segment the Norwegian export markets into three types: (1) high-value trade to large distant markets, (2) medium-value trade to close high-income markets, and (3) lower-value large bulk trades to lower-income close markets. We find that pricing efficiency is lowest for committed trades over long distance using planes, and highest for less committed large bulk trades to close markets. Despite significant heterogeneity, the majority of salmon price variation (around ¾) is common, providing a clear justification for the representativeness of a salmon price index.

中文翻译：

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挪威三文鱼出口目的地市场的定价效率

摘要 本文研究了挪威三文鱼出口的定价效率如何随目的地市场特征而变化。效率被定义为个别交易价格根据共同市场信息调整的速度，并通过动态固定效应面板模型估计，其参数以贸易属性为条件，使用微观贸易数据。我们的结果表明，交易中使用的合同类型 (Incoterms) 可用于将挪威出口市场划分为三种类型：(1) 到大型远距离市场的高价值贸易，(2) 关闭高收入市场的中等价值贸易，以及 (3) 低价值的大宗商品交易到低收入的收盘市场。我们发现，使用飞机进行长途承诺交易的定价效率最低，而关闭市场的承诺较少的大宗散货交易的定价效率最高。