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A Dynamic Price Formation System and Its Welfare Analysis in Quantity Space: An Application to Korean Fish Markets
Hoan-Jae Park

  In the recent, policy makers are often concerned about the dynamic effects of demand
behavior and its welfare analysis by quantity changes while most researches of cost-benefit
analyses are concerned with the welfare effects of price changes. The current policy option of total allowable catch restrictions may be one example of those. Without demand estimates and welfare measures appropriate to those, the consumer and processor costs of policy regulations such as area closures, catch limits, and the future benefits of stock increases cannot be calculated accurately. Although recent studies by a non-negligible set of authors have made enormous progress on the role and nature of dynamics in the price formation systems, appropriate tools of their dynamic welfare measurement are hardly found in the existing literature.