Exploring the Market Efficiency of New England Seafood Auctions
International Journal of Business Research, Vol. 2, No. 1, pp. 187-193, 2005
8 Pages Posted: 4 Jul 2009
Date Written: October 1, 2005
The seafood industry represents a significant market for the U.S. and New England in particular. Given the commodity nature of this market, one would believe that it should follow widely accepted economic market theory. Contrary to this belief, this study found that the seafood auctions in the largest three New England fishing ports do not conform to market theory. Discrepancies are found both in price and in the price/quantity relationships suggesting that market forces beyond price and quantity are operative in determining the final price of the product offered.
Keywords: seafood business, economic market theory, commodity auctions
JEL Classification: D4, D5, D51
Suggested Citation: Suggested Citation