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What's that got to do with the price of fish? Buyers behavior on the Ancona fish market

Mauro Gallegati 1, Gianfranco Giulioni 2, Alan Kirman 3, Antonio Palestrini 4

(09/12/2010)

In this paper we analyze the Ancona wholesale fish market (MERITAN) where transactions take place in three simultaneous Dutch auctions. Our objective is to characterize the behavior of market participants and, in particular, buyers in such a market structure. Our analysis of the data shows that buyer-seller relationships are less important than in a pairwise bargaining market such as the Marseille Fish market but that a significant amount of “loyalty" is still present under the auction mechanism. We provide an explanation of the “declining price paradox" for the fish market of Ancona by linking the rule used by the buyers to set their bid to the relationship between the variation in the price of the last transactions in the day and the quantity of fish available on that day. In fact, the average price tends to increase for last transactions on days characterized by limited supply of fish.

1 :	Polytechnic University of Marche
	Polytechnic University of Marche
2 :	University of Chieti-Pescara
	University of Chieti-Pescara
3 :	Groupement de Recherche en Économie Quantitative d'Aix-Marseille (GREQAM)
	Université de la Méditerranée - Aix-Marseille II – Université Paul Cézanne - Aix-Marseille III – École des Hautes Études en Sciences Sociales [EHESS] – CNRS : UMR6579
4 :	University of Teramo
	University of Teramo

Discipline

:

Sciences de l'Homme et Société/Economie et finances

Mots-Clés : wholesale fish market – Dutch auction

halshs-00545129, version 1

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Contributeur : Anne Peguin-Feissolle <>

Soumis le : Jeudi 9 Décembre 2010, 16:27:57

Dernière modification le : Jeudi 9 Décembre 2010, 16:40:05