Testing for imperfect competition at the Fulton fish market

Article Abstract:

Economic theory predicts that no price differentials should exist in a highly competitive market. Data from the Fulton fish market in New York, NY, are used to test this 'Law of One Price.' In contrast to theoretical expectations, buyers in this market pay different prices for goods of the same quality. In particular, Asian customers pay less than their white counterparts for the same quality of fish. Race discrimination can be ruled out in favor of third-degree price discrimination, due to a higher demand elasticity for Asian clients relative to that of white clents.

Economic aspects, New York, New York, Fish industry, Fisheries, Monopolistic competition, Fulton County, New York

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Declining values and the afternoon effect: evidence from art auctions

Article Abstract:

A study aimed at analyzing the order of sale in art auctions reveals that the presale estimate declines with order in auctions of Contemporary Art and in auctions of Impressionist and Modern Art. The theoretical model supports that, an auction with a presence of a decreasing valuation and risk-neutral strategic bidders, the price relative to the estimate for earlier items should be higher than the price obtained and the estimate for later items in an auction.

Miscellaneous retail stores, not elsewhere classified, Art Dealers, Auctioneers, Art Dealers, Analysis, Management, Auction firms, Art auctions, Auctioneers

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Markets: the Fulton fish market

Article Abstract:

Market behavior of the Fulton Fish market in New York is examined. Factors influencing demand and supply are also discussed.

Market information - general, Forecasts, trends, outlooks, New York, Misc. Food and Kindred Products, Forecasts and trends, Supply and demand, Market trend/market analysis, Seafood industry, Fulton Fish Market

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