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Efficient Estimation of Hedonic Inverse Input Demand Systems

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Dadi Kristofersson
Kyrre Rickertsen

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Abstract

This article is concerned with efficient estimation of characteristics demand. We derive and estimate an inverse input demand system for quality characteristics by using 172,946 observations over 881 trading days in the Icelandic fish auctions. An improved estimation method based on an expanded random coefficient model is suggested as an alternative to the currently used two-stage method of Brown and Rosen. The estimates demonstrate the improved efficiency of the suggested method. A number of empirical results emerge, including a general increase in the demand for quality. Copyright 2004 American Agricultural Economics Association.

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 86 (2004)
Issue (Month): 4 (November)
Pages: 1127-1137
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Handle: RePEc:bla:ajagec:v:86:y:2004:i:4:p:1127-1137

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bajic, Vladimir, 1993. "Automobiles and Implicit Markets: An Estimate of a Structural Demand Model for Automobile Characteristics," Applied Economics, Taylor and Francis Journals, vol. 25(4), pages 541-51, April.
  2. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March. [Downloadable!] (restricted)
  3. Charles D. Kolstad & Michelle H. L. Turnovsky, 1998. "Cost Functions And Nonlinear Prices: Estimating A Technology With Quality-Differentiated Inputs," The Review of Economics and Statistics, MIT Press, vol. 80(3), pages 444-453, August. [Downloadable!] (restricted)
  4. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 81-88, February. [Downloadable!] (restricted)
  5. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November. [Downloadable!] (restricted)
  6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  7. McConnell, Kenneth E & Strand, Ivar E, 2000. " Hedonic Prices for Fish: Tuna Prices in Hawaii," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(1), pages 133-44, February. [Downloadable!] (restricted)
  8. James N. Brown & Harvey S. Rosen, 1982. "On the Estimation of Structural Hedonic Price Models," NBER Technical Working Papers 0018, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Nerlove, Marc, 1995. "Hedonic price functions and the measurement of preferences: The case of Swedish wine consumers," European Economic Review, Elsevier, vol. 39(9), pages 1697-1716, December. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Guttormsen, Atle G., 2008. "Faustmann in the Sea: Optimal Rotation in Aquaculture," Marine Resource Economics, Marine Resources Foundation, vol. 23(4). [Downloadable!]
  2. Stoeppel, Kelly M. & Maynard, Leigh J., 2006. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Staff Papers 37871, University of Kentucky, Department of Agricultural Economics. [Downloadable!]
  3. Roheim, Cathy A. & Gardiner, Lacey & Asche, Frank, 2007. "Value of Brands and Other Attributes: Hedonic Analysis of Retail Frozen Fish in the UK," Marine Resource Economics, Marine Resources Foundation, vol. 22(3). [Downloadable!]
  4. Stoeppel, Kelly M. & Maynard, Leigh J., 2006. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Staff Papers 31983, University of Kentucky, Department of Agricultural Economics. [Downloadable!]
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