Markets: The Fulton Fish Market

29 Pages Posted: 2 Jun 2006

See all articles by Kathryn Graddy

Kathryn Graddy

Brandeis University - Department of Economics

Date Written: February 2006

Abstract

Centralized markets with large numbers of buyers and sellers are generally thought of as being competitive and well-functioning. However, an important role of centralized markets is matching heterogeneous products, such as fish, to buyers of these products. The high level of differentiation in the Fulton fish market and the institutional structure at the Fulton market has led to patterns of behaviour that suggest imperfect competition and market segmentation. At times in the past, the repeated nature of price setting and extensive knowledge of the sellers may have created the basis for tacit collusion and allowed the dealers to gather economic rents by exploiting the different elasticities and buying patterns. Additional economic rents at the market were created by subsidized rents and lax regulation created fertile ground for organized crime to operate.

Keywords: Markets, pricing, imperfect competition, fish

JEL Classification: D40, L10

Suggested Citation

Graddy, Kathryn, Markets: The Fulton Fish Market (February 2006). CEPR Discussion Paper No. 5508, Available at SSRN: https://ssrn.com/abstract=906093

Kathryn Graddy (Contact Author)

Brandeis University - Department of Economics ( email )

415 South Street MS 021
Waltham, MA 02453-2728
United States
781-736-8616 (Phone)
781-736-2269 (Fax)

HOME PAGE: http://people.brandeis.edu/~kgraddy/

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