Implicit prices of prawn and shrimp attributes in the Philippine domestic market
Document Type
Journal article
Source Publication
Marine Resource Economics
Publication Date
1-1-1999
Volume
14
Issue
1
First Page
65
Last Page
78
Publisher
University of Chicago Press
Keywords
Attributes, Characteristics, Hedonic prices, Philippines, Prawn and shrimp, Quality, Seafood
Abstract
Improving quality is a major goal in the global seafood market due to increasing consciousness among buyers, who are becoming "quality consumers" rather than "quantity consumers." This paper uses the hedonic approach to determine the marketable characteristics of prawn and shrimp in a domestic market that prioritizes export of quality products to a more lucrative market. Using price and attribute data for prawn and shrimp purchased from the Philippine domestic market, we estimate a log-linear hedonic price model with combined continuous and dummy explanatory variables. The estimation results show significant implicit prices of attributes, such as: tail length, freshness, product form, species, color, size, ease of preparation, discoloration, protein, and carbohydrate content. Longer tails and banana species are highly valued. Peeling and breading to ease preparation obtain a high premium. Freezing, although commonly practiced, receives the highest discount among forms of preservation. As the characteristics of local consumers and the market in the Philippines are similar to other competing Asian exporters such as Indonesia, India, Malaysia, Thailand, and Vietnam, the results presented in this paper will be applicable to these exporting countries.
DOI
10.1086/mre.14.1.42629252
Print ISSN
07381360
E-ISSN
23345985
Publisher Statement
Copyright © 1999 Marine Resources Foundation. Access to external full text or publisher's version may require subscription.
Full-text Version
Publisher’s Version
Language
English
Recommended Citation
Salayo, N. D., Voon, T. J. P., & Selvanathan, S. (1999). Implicit prices of prawn and shrimp attributes in the Philippine domestic market. Marine Resource Economics, 14(1), 65-78. doi: 10.1086/mre.14.1.42629252