IMPLICIT PRICE AND DEMAND IN OLIGOPOLISTIC COMPETITION: AN APPLICATION TO THE U.S. TROUT MARKET
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This study provides an example of how implicit price and demand models can be
developed and used for empirical analysis. In particular, empirical application of
these models can quantify the impact of implicit economic variables representing
preference, relative price, production efficiency, the degree of price sensitivity to
quantity supplied, and substitutability on market price and demand for domestic
and imported products. Furthermore, the simultaneous impact of these implicit
economic variables on market price and demand can be quantified using these
implicit price and demand models.