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An inverse demand system for the differentiated blue crab market in Chesapeake Bay.
This article studies ex-vessel demand of the blue crab market in the Chesapeake Bay. In addition to providing empirical results regarding the important local fishery, it offers a useful example of the potential for inverse demand systems for seafood where quantities are often defined prior to prices and a variety of products are obtained from a single species. This is done using a non-linear Inverse Almost Ideal Demand System coupled with seasonal patterns and controlling for endogeneity. The model used here is able to address seasonality in demand in terms of varying flexibilities over seasons and deals with endogeneity in accordance with biological stock assessment data. Empirical results show significant season-varying market behaviors and the presence of endogeneity in the demand system. All market categories are price inflexible across seasons. Cross-category flexibilities suggest that the categories are quantity substitutes in the market.
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