Abstract We investigate empirically market interactions in the Turkish wild and farmed sea bass and sea bream markets. For gilthead sea bream and European sea bass, we conduct a Granger causality test between the prices of the wild and farmed products, based on the estimation of a vector autoregressive model. Our data set consists of annual fish prices from 1996 to 2016. Our empirical results show that the wild and farmed sea bass are neither substitutes nor complements: the markets for each product are independent. However, in the case of sea bream, the price variations for farmed sea bream have a causal impact on the price of wild sea bream. Moreover, the price of wild sea bream Granger-causes the price variation of farmed sea bream. Thus, the wild and farmed sea bream markets are integrated.

中文翻译：

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野生和养殖产品之间的价格相互作用：土耳其鲈鱼和鲷鱼市场

摘要 我们对土耳其野生和养殖鲈鱼和鲷鱼市场的市场互动进行了实证调查。对于金头鲷和欧洲鲈鱼，我们基于向量自回归模型的估计，对野生和养殖产品的价格进行了格兰杰因果检验。我们的数据集包括 1996 年至 2016 年的年度鱼类价格。我们的实证结果表明，野生和养殖的鲈鱼既不是替代品，也不是互补品：每种产品的市场都是独立的。然而，就鲷鱼而言，养殖鲷鱼的价格变化对野生鲷鱼的价格有因果影响。此外，野生鲷鱼的价格会导致养殖鲷鱼的价格波动。因此，野生和养殖的鲷鱼市场是一体化的。