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The demands they are a-changin’.

Source :
European Review of Agricultural Economics; Sep2018, Vol. 45 Issue 4, p531-552, 22p
Publication Year :
2018

Abstract

Smooth operators such as time trends are often applied to deal with unidentified demand shifters. However, if unknown factors affect demand irregularly, a time trend fails to capture the variation. We present an index approach for estimating irregular demand shifts, decomposing total demand shifts into predicted and unexplained effects. This allows separating demand shifts caused by known factors like income and substitution effects from unknown impacts on demand. Our application on farmed salmon shows unknown factors impact demand irregularly both between regions and within regions over time. Unknowns contribute to more than half of global salmon demand growth in recent years. [ABSTRACT FROM AUTHOR]

Details

Language :
English
ISSN :
01651587
Volume :
45
Issue :
4
Database :
Complementary Index
Journal :
European Review of Agricultural Economics
Publication Type :
Academic Journal
Accession number :
131124674
Full Text :
https://doi.org/10.1093/erae/jby003