Hedonic prices for crude oil
AbstractThis article presents a hedonic analysis of crude oil, the price and quality of which varies considerably from one stream to another. Different from common hedonic applications in the literature, the estimated implicit prices for the physical characteristics of crude oil have a clear interpretation: it reflects the market's valuation, but not the production cost of the characteristics, for crude oil characteristics are determined by nature. Crude oil hedonic price equations are found to be non-linear in the major physical characteristics, indicating that a refiner's valuation of crude quality depends on its refining technology. The estimation results yield insights into the current pricing system of the world crude oil market.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 10 (2003)
Issue (Month): 13 ()
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Web page: http://www.tandfonline.com/RAEL20
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- 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.
- Gabriel Leite Mota, 2007. "Why Should Happiness Have a Role in Welfare Economics? Happiness versus Orthodoxy and Capabilities," FEP Working Papers 253, Universidade do Porto, Faculdade de Economia do Porto.
- Hammarlund, Cecilia, 2013. "The Big, the Bad and the Average: Hedonic Prices and Inverse Demand for Baltic Cod," Working Papers 2013:34, Lund University, Department of Economics.
- Möbert, Jochen, 2007. "Crude Oil Price Determinants," Darmstadt Discussion Papers in Economics 35713, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
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