The Way the Wind Blows : Tracing Out the Demand for Norwegian Lobster Using Instrumental Variables
Knowledge of price formation in fisheries is important in understanding effects of fisheries regulations and the support or resistance to regulations from different stakeholders. This article studies how demand can be traced out using wind speed on a fishing trip. Wind speed is strongly correlated with the quantities of Norwegian lobster (Nephrops) available on the market. Using wind variables as
