Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear
Atlantic cod (Gadus morhua) has been culturally important in the northeast United States (US) for hundreds of years. This research estimates a hedonic model of cod prices in the Northeast US from 2005–2011. While large fish typically receive premium prices, the largest cod receive prices that are ap...
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2014
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Online Access: | https://doi.org/10.1086/677769 |
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ftbioone:10.1086/677769 2024-06-02T08:03:08+00:00 Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear Min-Yang Lee Min-Yang Lee world 2014-07-21 text/HTML https://doi.org/10.1086/677769 en eng MRE Foundation, Inc. doi:10.1086/677769 All rights reserved. https://doi.org/10.1086/677769 Text 2014 ftbioone https://doi.org/10.1086/677769 2024-05-07T00:51:43Z Atlantic cod (Gadus morhua) has been culturally important in the northeast United States (US) for hundreds of years. This research estimates a hedonic model of cod prices in the Northeast US from 2005–2011. While large fish typically receive premium prices, the largest cod receive prices that are approximately $0.20 per pound lower than fish in the next largest market category. A moderate premium for freshness is found: cod caught on trips that last four days receive $0.04 less per pound than fish that is caught on shorter trips. This discount rises to nearly $0.15 per pound for trips lasting 10 days or longer. A similar discount exists for fish that are stored for two or more days after landing. The premia estimated by the hedonic price model are quite different from the group mean premia, suggesting that bioeconomic models that incorporate price heterogeneity should consider more sophisticated price models.JEL Codes: Q22, Q50, D40. Text atlantic cod Gadus morhua BioOne Online Journals Landing The ENVELOPE(161.417,161.417,-78.367,-78.367) Marine Resource Economics 29 3 259 277 |
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English |
description |
Atlantic cod (Gadus morhua) has been culturally important in the northeast United States (US) for hundreds of years. This research estimates a hedonic model of cod prices in the Northeast US from 2005–2011. While large fish typically receive premium prices, the largest cod receive prices that are approximately $0.20 per pound lower than fish in the next largest market category. A moderate premium for freshness is found: cod caught on trips that last four days receive $0.04 less per pound than fish that is caught on shorter trips. This discount rises to nearly $0.15 per pound for trips lasting 10 days or longer. A similar discount exists for fish that are stored for two or more days after landing. The premia estimated by the hedonic price model are quite different from the group mean premia, suggesting that bioeconomic models that incorporate price heterogeneity should consider more sophisticated price models.JEL Codes: Q22, Q50, D40. |
author2 |
Min-Yang Lee |
format |
Text |
author |
Min-Yang Lee |
spellingShingle |
Min-Yang Lee Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear |
author_facet |
Min-Yang Lee |
author_sort |
Min-Yang Lee |
title |
Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear |
title_short |
Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear |
title_full |
Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear |
title_fullStr |
Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear |
title_full_unstemmed |
Hedonic Pricing of Atlantic Cod: Effects of Size, Freshness, and Gear |
title_sort |
hedonic pricing of atlantic cod: effects of size, freshness, and gear |
publisher |
MRE Foundation, Inc. |
publishDate |
2014 |
url |
https://doi.org/10.1086/677769 |
op_coverage |
world |
long_lat |
ENVELOPE(161.417,161.417,-78.367,-78.367) |
geographic |
Landing The |
geographic_facet |
Landing The |
genre |
atlantic cod Gadus morhua |
genre_facet |
atlantic cod Gadus morhua |
op_source |
https://doi.org/10.1086/677769 |
op_relation |
doi:10.1086/677769 |
op_rights |
All rights reserved. |
op_doi |
https://doi.org/10.1086/677769 |
container_title |
Marine Resource Economics |
container_volume |
29 |
container_issue |
3 |
container_start_page |
259 |
op_container_end_page |
277 |
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1800747605984018432 |