Abstract: The structure of the farmed turbot market is analyzed through the association between prices and quantities placed on the market and the possible relationships between the prices of wild and farmed specimens in the destination markets. Through cointegration methods, applied to prices and quantities series of ex-farm and exports, we estimated the elasticity of demand at different levels of the value chain, and the price linkages between farmed and wild caught turbot. Demand was found to be inelastic, supporting the assumption of an oligopolistic market, along with other evidenced characteristics of this industry's market. Farmed and wild and prices were found to be cointegrated in the destination market, providing evidence of market integration and accordingly that farmed turbot prices responds to the supply of wild turbot.

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