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Markets,The Fulton Fish Market

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  • Kathryn Graddy
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.

Suggested Citation

  • Kathryn Graddy, 2006. "Markets,The Fulton Fish Market," Economics Series Working Papers 254, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:254
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    References listed on IDEAS

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    Cited by:

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    2. Kiviet, Jan, 2019. "Instrument-free inference under confined regressor endogeneity; derivations and applications," MPRA Paper 96839, University Library of Munich, Germany.
    3. Matthew Elliott & Benjamin Golub & Matthew V. Leduc, 2022. "Supply Network Formation and Fragility," American Economic Review, American Economic Association, vol. 112(8), pages 2701-2747, August.
    4. Carmen Pedroza-Gutiérrez & Juan M Hernández, 2017. "Social networks, market transactions, and reputation as a central resource. The Mercado del Mar, a fish market in central Mexico," PLOS ONE, Public Library of Science, vol. 12(10), pages 1-21, October.
    5. David F. Hendry & Grayham E. Mizon, 2016. "Improving the teaching of econometrics," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1170096-117, December.
    6. Kiviet, Jan F., 2023. "Instrument-free inference under confined regressor endogeneity and mild regularity," Econometrics and Statistics, Elsevier, vol. 25(C), pages 1-22.
    7. Alan Kirman & Sonia Moulet & Rainer Schulz, 2008. "Price Discrimination and Customer Behaviour: Empirical Evidence from Marseille," Working Papers halshs-00349036, HAL.
    8. Wolff, François-Charles & Asche, Frank, 2022. "Pricing heterogeneity and transaction mode: Evidence from the French fish market," Journal of Economic Behavior & Organization, Elsevier, vol. 203(C), pages 67-79.
    9. Søren Johansen & Bent Nielsen, 2014. "Outlier detection algorithms for least squares time series regression," Economics Papers 2014-W04, Economics Group, Nuffield College, University of Oxford.
    10. Søren Johansen & Bent Nielsen, 2014. "Optimal hedging with the cointegrated vector autoregressive model," Discussion Papers 14-23, University of Copenhagen. Department of Economics.
    11. Guerci, E. & Kirman, A. & Moulet, S., 2014. "Learning to bid in sequential Dutch auctions," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 374-393.
    12. Herbon, Avi, 2021. "Managing an expiring product under a market that is heterogeneous in the sensitivity to the retailer's reputation," International Journal of Production Economics, Elsevier, vol. 232(C).
    13. Vignes, Annick & Etienne, Jean-Michel, 2011. "Price formation on the Marseille fish market: Evidence from a network analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 50-67.
    14. Graddy, Kathryn & Hall, George, 2011. "A dynamic model of price discrimination and inventory management at the Fulton Fish Market," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 6-19.
    15. Robert G. Hammond & Thayer Morrill, 2014. "Strategic Exclusion Of The Highest-Valued Bidders In Wholesale Automobile Auctions," Economic Inquiry, Western Economic Association International, vol. 52(3), pages 1219-1230, July.
    16. Simon Loertscher, 2008. "Market Making Oligopoly," Journal of Industrial Economics, Wiley Blackwell, vol. 56(2), pages 263-289, June.
    17. Alan Kirman & Sonia Moulet, 2008. "Impact de l'organisation du marché: Comparaison de la négociation de gré à gré et des enchères descendantes," Working Papers halshs-00349034, HAL.
    18. Morra, Wayne & Hearn, Gail & Buck, Andrew J., 2009. "The market for bushmeat: Colobus Satanas on Bioko Island," Ecological Economics, Elsevier, vol. 68(10), pages 2619-2626, August.
    19. Ortiz, Santiago & Castelblanco, Geraldine & Mantilla, Cesar, 2020. "Perishability, dynamic pricing and price discrimination: evidence from flower markets in Bogotá," SocArXiv pv5kz, Center for Open Science.
    20. Amalendu Jyotishi & Joeri Scholtens & Gopakumar Viswanathan & Priya Gupta & Maarten Bavinck, 2021. "A tale of fish in two cities: consumption patterns of low-income households in South India," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 23(2), pages 240-257, December.
    21. Hirth, Lion & Khanna, Tarun & Ruhnau, Oliver, 2022. "The (very) short-term price elasticity of German electricity demand," EconStor Preprints 249570, ZBW - Leibniz Information Centre for Economics.
    22. Søren Johansen & Bent Nielsen, 2016. "Asymptotic Theory of Outlier Detection Algorithms for Linear Time Series Regression Models," Scandinavian Journal of Statistics, Danish Society for Theoretical Statistics;Finnish Statistical Society;Norwegian Statistical Association;Swedish Statistical Association, vol. 43(2), pages 321-348, June.
    23. Carlos J. L. Balsas, 2024. "Coastal Waterfront Transformations, Fishing Structures, and Sustainable Tourism," Sustainability, MDPI, vol. 16(15), pages 1-13, July.
    24. François-Charles Wolff & Frédéric Salladaré & Laurent Baranger, 2024. "A classification of buyers in first-sale fish markets: Evidence from France," Post-Print hal-04586532, HAL.

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    More about this item

    Keywords

    Markets; Pricing; Fish;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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