World Aquaculture and Fisheries Conference

October 26-27, 2020
Tokyo, Japan

Leonardo Salazar

Potential speaker for Aquaculture conference 2020 - Leonardo Salazar
Leonardo Salazar
University of Concepcion, Chile
Title : Price differentials in a partially integrated seafood market: the U S Atlantic salmon market

Abstract:

When markets are integrated and the law of one price holds, price differentials should vanish in the long run. This, however, is not observed when salmon prices differentials, for the main export countries—Canada, Chile, Norway, and United Kingdom—of farmed Atlantic salmon in the United States market, are analyzed. The results in this article, which are based on the estimation of a cointegrated vector autoregressive model, indicate that there is a single integrating factor common to the four average prices of the main suppliers of farmed Atlantic salmon in the United States market. This suggests that the price of farmed Atlantic salmon is determined within the same market. The law of one price, however, is rejected. That is, farmed Atlantic salmon is an imperfect substitute among U.S. consumers, implying that markets are partially integrated. Consequently, producers of farmed Atlantic salmon from different countries might benefit with strategies aiming to increase the value added of their product. Furthermore, the main exporters follow the lead of United Kingdom.

Biography:

Dr. Leonardo Salazar studied Business Engineering at the University of Concepción, Chile and graduated as Bachelor of Economics in 2003. In 2012 he moved to Copenhagen where he got his MSc (2014) and PhD in Economics (2016) from the University of Copenhagen in Denmark. His advisor was Professor Katarina Juselius. Dr. Salazar is Assistant Professor at the Department of Economics, University of Concepción, Chile and is affiliated to the Interdisciplinary Center for Aquaculture Research (INCAR) and EfD Initiative.

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