Abstract
Hake is the preferred groundfish in Southern European markets. Spain is the largest hake market in the world, and accounts for one half of the total European consumption of hake. The aim of this study is to analyse the evolution of prices at first-hand sale level, at wholesale level and retail level in the commercialisation chain of one of the most-fished demersal species in the north-east Atlantic’s mixed fisheries, the Merluccius merluccius. In particular, we are testing a dynamic model to identify and measure the effect the level of price uncertainty has on the evolution of commercial margins, using monthly data relating to the last five years for this species in a regional market (Galicia, NW Spain), significant for its volume of landings. The results show that transitory changes in prices at first-hand sale level are absorbed neither by the wholesale level nor the retail level. A counter-cyclical price effect is observed, with the result that in periods when prices at first-hand sale level are low the wholesale and retail percentage margin is higher
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