Knowledge of price formation in fisheries is important in understanding effects of fisheries regulations and the support or resistance to regulations from different stakeholders. This article studies how demand can be traced out using wind speed on a fishing trip. Wind speed is strongly correlated with the quantities of Norwegian lobster (Nephrops) available on the market. Using wind variables as instrumental variables and data on daily average prices and quantities over a 20-year period, we estimate the daily aggregate demand for two varieties of Nephrops. We find that the demand for both varieties is highly responsive to price changes and that own-price elasticities using the instrumental variable estimators are two to three times higher than ordinary least squares (OLS) estimates suggest. In addition, cross-price elasticities show, in contrast to OLS results, that the two types of Nephrops are close substitutes.

中文翻译：

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风起云涌：使用工具变量追踪对挪威龙虾的需求

了解渔业价格形成对于了解渔业法规的影响以及不同利益相关者对法规的支持或抵制非常重要。本文研究如何在钓鱼之旅中使用风速追踪需求。风速与市场上可用的挪威龙虾 ( Nephrops ) 的数量密切相关。使用风变量作为工具变量和 20 年期间每日平均价格和数量的数据，我们估计了两个品种Nephrops的每日总需求. 我们发现对这两个品种的需求对价格变化高度敏感，使用工具变量估计的自有价格弹性比普通最小二乘法 (OLS) 估计所显示的高两到三倍。此外，与 OLS 结果相反，交叉价格弹性表明这两种类型的Nephrops是相近的替代品。