An Error Corrected Almost Ideal Demand System for Crustaceans in the United States
2011
Singh, Kehar | Dey, Madan M. | Thapa, Ganesh
We have employed an error-corrected almost ideal demand system (ECAIDS) for major crustaceans at a disaggregated level in the United States. The proposed model can provide short- and long-run price elasticities. This article makes an important empirical contribution by reporting a set of reliable, policy-relevant estimates of the elasticities of demand for crustaceans in the United States. The habit formation behavior was significant only for crayfish. The value pricing strategy and the promotional pricing strategy are expected to benefit the domestic shrimp industry. Increasing prices through various marketing strategies can benefit domestic producers of lobsters and crabs.
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