Statistical Modelling of the Landing Price
The following table shows the preliminary results of the econometric analysis of factors influencing the landed price of Canadian snow crab, lobster, shrimp and Atlantic cod. The data are expressed in logarithmic form; the coefficients can thus be interpreted as the expected variation in price as a percentage following a 1% change in the value of the explanatory variable, all things being otherwise equal. The relative size of the coefficients for each species can be interpreted as a measure of the price elasticity of supply and demand for that factor and species.
| Coefficient | Standard Deviation | Level of Significance | |
| Price for snow crab | |||
| North American landings | -0.66 | 0.20 | 1% |
| US$/CAD$ | -0.26 | 0.39 | N.S. |
| YEN¥/CAD$ | -1.37 | 0.33 | 1% |
| United States GDP | 0.53 | 0.27 | 10% |
| Constant | 11.05 | 6.78 | N.S. |
| Observations (annual) | 22 | ||
| Adjusted R2 | 68.4% | ||
| Price for lobster | |||
| North American landings | -1.24 | 0.18 | 1% |
| US$/CAD$ | -0.83 | 0.13 | 1% |
| United States GDP | 2.08 | 0.15 | 1% |
| Constant | -8.96 | 2.03 | 1% |
| Observations (annual) | 22 | ||
| Adjusted R2 | 92.1% | ||
| Price for shrimp | |||
| Canadian and Greenlandic landings | -0.78 | 0.11 | 1% |
| US$/CAD$ | -1.20 | 0.22 | 1% |
| EUR€/CAD$ | 0.34 | 0.29 | N.S. |
| Denmark, Russia, and UK GDP | 0.29 | 0.07 | 1% |
| Constant | 11.91 | 1.50 | 1% |
| Observations (annual) | 22 | ||
| Adjusted R2 | 73.1% | ||
| Price for cod | |||
| North American landings | -0.10 | 0.05 | 5% |
| US$/CAD$ | -0.82 | 0.17 | 1% |
| EUR€/CAD$ | -0.75 | 0.38 | 5% |
| United States GDP | 0.89 | 0.24 | 1% |
| Constant | -12.92 | 4.70 | 1% |
| Observations (annual) | 22 | ||
| Adjusted R2 | 81.1% |
N.S. = not significant
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