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Hedonic Price Models for Dynamic Markets

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  • Dadi Kristofersson
  • Kyrre Rickertsen

Abstract

The price of a product depends on its characteristics and will vary in dynamic markets. The model describes a processing firm that bids in an auction for a heterogeneous and perishable input. The reduced form of this model is estimated as an expanded random parameter model that combines a nonlinear hedonic bid function and inverse input demand functions for characteristics. The model was estimated by using 289,405 transactions from the Icelandic fish auctions. Total catch and gut ratio were the main determinants of marginal prices of characteristics, while the price of cod mainly depended on size, gutting and storage. Copyright 2007 Blackwell Publishing Ltd and the Department of Economics, University of Oxford.

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics and Statistics.

Volume (Year): 69 (2007)
Issue (Month): 3 (06)
Pages: 387-412

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Handle: RePEc:bla:obuest:v:69:y:2007:i:3:p:387-412

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Cited by:
  1. repec:hal:wpaper:halshs-00839147 is not listed on IDEAS
  2. Martínez-Garmendia, Josué, 2010. "Application of hedonic price modeling to consumer packaged goods using store scanner data," Journal of Business Research, Elsevier, vol. 63(7), pages 690-696, July.
  3. Kim, Changhee & Chung, Chanjin, 2011. "Hedonic Analysis of Retail Egg Prices Using Store Scanner Data: An Application to the Korean Egg Market," Journal of Food Distribution Research, Food Distribution Research Society, vol. 42(3), November.
  4. Marsh, Thomas L. & Piggott, Nicholas E., 2013. "Measuring Pre-Commited Quantities Through Consumer Price Formation," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia 152165, Australian Agricultural and Resource Economics Society.
  5. Laurent Gobillon & François-Charles Wolff & Patrice Guillotreau, 2013. "The anatomy of prices on the French fish market," PSE Working Papers halshs-00839147, HAL.
  6. Teuber, Ramona, 2010. "Estimating the Demand for Sensory Quality – Theoretical Considerations and an Empirical Application to Specialty Coffee," Journal of International Agricultural Trade and Development, Journal of International Agricultural Trade and Development, vol. 59(3).

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