Abstract
We investigate empirically market interactions in the Turkish wild and farmed sea bass and sea bream markets. For gilthead sea bream and European sea bass, we conduct a Granger causality test between the prices of the wild and farmed products, based on the estimation of a vector autoregressive model. Our data set consists of annual fish prices from 1996 to 2016. Our empirical results show that the wild and farmed sea bass are neither substitutes nor complements: the markets for each product are independent. However, in the case of sea bream, the price variations for farmed sea bream have a causal impact on the price of wild sea bream. Moreover, the price of wild sea bream Granger-causes the price variation of farmed sea bream. Thus, the wild and farmed sea bream markets are integrated.
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