This study examines the price elasticity of demand for mackerel in the Busan Cooperative Fish Market, the largest wholesale fish market in South Korea. Using a two-stage least squares (2SLS) approach, the analysis addresses endogeneity in pricing by incorporating exogenous environmental variables, such as sea surface temperature (SST) and wind speed. The study estimates demand elasticity for three size categories of mackerel-large, medium, and small-and reveals significant differences across these categories. Large-size mackerel exhibits inelastic demand (-0.875), reflecting its status as a staple product with relatively stable consumer demand. Medium-size mackerel shows highly elastic demand (-2.450), likely due to its role as a substitute for both large and small mackerel. Small-size mackerel also demonstrates high elasticity (-3.444), attributed to its primary use in feed and processing, where demand is particularly sensitive to price changes. Diagnostic tests confirm the validity and relevance of the instrumental variables, with SST and wind speed strongly correlated with price but uncorrelated with consumer demand. These findings highlight the critical role of size-specific market characteristics in shaping price elasticity and provide valuable insights for policymakers and industry stakeholders to better manage mackerel supply and ensure pricing stability.

Purpose - Considering the importance of housing needs to real estate market, domestic studies on real estate prices from the perspective of demand are basically based on macro-data, but relatively few are associated with micro-data of urban real estate demand. We try to find a reliable relation of elasticity of demand and commercial housing market. Research design, data, and methodology - In this paper, we have derived housing demand theoretic method and have utilized micro-data of residential family housing survey of downtown area in Kunming City in October, 2015 to estimate income elasticity and price elasticity of housing demand respectively and make a comparative analysis. Results - The results indicate that income elasticity and price elasticity of families with owner-occupied housing are both larger than those of families with rental housing. Income elasticity of housing demand of urban residential families in Kunming is far below the foreign average and eastern coastal cities level, however, the corresponding price elasticity is far higher. Conclusions - We suggest that housing affordability of urban families in western China are constrained by the level of economic development, and the current housing price level has exceeded the economic affordability and psychological expectation of ordinary residents. Furthermore, noticing the great rigidity of housing demand, the expansion space of housing market for improvement and for commodity is limited.