Abstract

When markets are integrated and the law of one price holds, prices confronted by different producers should tend to uniformity, in the long run, allowance is made for differences in quality and transportation costs. However, how producers coordinate to align prices is not obvious and probably the answer will vary between markets. In this article, we investigate this question using salmon prices differentials, for the main export countries—Canada, Chile, Norway, and the United Kingdom—of farmed Atlantic salmon in the United States market. The results indicate that there is a single common stochastic trend for the prices of the main suppliers of farmed Atlantic salmon in the United States market. Moreover, the Law of One Price cannot be rejected, implying that farmed Atlantic salmon from the different producers are perfect substitutes for U.S. consumers and that markets are fully integrated. Finally, testing for price leadership, we find that the main exporters follow the lead of the least cost-efficient producer, the United Kingdom.

摘要

当市场一体化，一价定律成立时，不同生产者面临的价格应该趋于统一，从长远来看，质量和运输成本的差异是可以考虑的。然而，生产商如何协调以调整价格并不明显，答案可能因市场而异。在本文中，我们使用鲑鱼价格差异来调查这个问题，主要出口国——加拿大、智利、挪威和英国——在美国市场上养殖大西洋鲑鱼。结果表明，美国市场养殖大西洋鲑鱼的主要供应商的价格存在单一的共同随机趋势。此外，不能拒绝一价定律，这意味着来自不同生产商的养殖大西洋鲑鱼是美国的完美替代品 消费者和市场完全整合。最后，在测试价格领先优势时，我们发现主要出口国跟随成本效率最低的生产国英国的领先地位。