Premium
Generalized Models of Japanese Demand for Fish
Author(s) -
Eales James,
Durham Catherine,
Wessells Cathy R.
Publication year - 1997
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1244272
Subject(s) - inverse demand function , fish <actinopterygii> , inverse , consumer demand , economics , consumption (sociology) , econometrics , microeconomics , fishery , mathematics , demand curve , biology , social science , geometry , sociology
Given a relative lack of knowledge about Japanese consumer preferences for fish, Japanese fish demand is modeled using both Marshallian (ordinary) and inverse demand systems, each of which nests a number of competing specifications. Results indicate that the inverse demand systems dominate the ordinary demand systems in forecasting performance and in nonnested tests. The inverse system suggests that Japanese fish prices are less responsive to changes in consumption than found in previous studies.