An Assessment of Dynamic Behavior in the U.S. Catfish Market: An Application of the Generalized Dynamic Rotterdam Model
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The generalized dynamic Rotterdam model was used in estimating U.S. demand for disaggregated
catfish. The overall goal was to examine habit persistence in consumption and to
determine the adjustment process in demand. Results indicated that it took up to 1 month for
catfish-product demand to fully adjust to changes in expenditures and prices. Additionally,
habit persistence played a role in demand where present consumption of a given product was
positively affected by past consumption of that product. Consequently, U.S. catfish demand
was significantly more elastic in the long-run.