MEASUREMENT OF SUBSTITUTABILITY BETWEEN U.S. DOMESTIC CATFISH AND IMPORTED FISH

This study examines p-interdependence and quantifies q-substitutability between domestic catfish and different species of imported fish in the U.S. fish market. In doing so, this study uses cointegration analyses for p-interdependence and structural analyses for q-substitutability. Cointegration analysis identifies the long run price equilibria between U.S. domestic catfish and different species of imported fish. The structural analyses show a degree of q-substitutability.