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On improving econometric analyses of generic advertising impacts

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Author Info

  • William G. Tomek

    (Department of Agricultural, Resource, and Managerial Economics, Warren Hall, Cornell University, Ithaca, NY 14853)

  • Harry M. Kaiser

    (Department of Agricultural, Resource, and Managerial Economics, Warren Hall, Cornell University, Ithaca, NY 14853)

Abstract

It is possible to obtain robust estimates of structural parameters using observational data, but it is difficult to do so. Necessary, but not sufficient, conditions are to adopt a modeling philosophy and to undertake a comprehensive evaluation of the results. Using a general-to-specific modeling philosophy, we obtained stable estimates of the long-run advertising elasticity for fluid milk. This result contrasts with an earlier, published model which did not provide stable estimates as new data points became available. It is difficult, however, to apply the general-to-specific modeling approach because it requires the researcher to specify an initial general model. But analysts are unlikely to agree on this initial model, and if this is true, then the “generality” of the model is in question. Moreover, it is a fact that the quality of the available data is sometimes insufficient to obtain the desired stable estimates. [Econ-Lit citations: Q11, M13, C5] © 1999 John Wiley & Sons, Inc.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Agribusiness.

Volume (Year): 15 (1999)
Issue (Month): 4 ()
Pages: 485-500

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Handle: RePEc:wly:agribz:v:15:y:1999:i:4:p:485-500

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Web page: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1520-6297

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References

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  1. Spanos, Aris, 1995. "On theory testing in econometrics : Modeling with nonexperimental data," Journal of Econometrics, Elsevier, vol. 67(1), pages 189-226, May.
  2. Davis, George C., 1997. "The Formal Logic Of Testing Structural Change In Meat Demand: A Methodological Analysis," Faculty Paper Series 23975, Texas A&M University, Department of Agricultural Economics.
  3. MacKinnon, James G, 1992. "Model Specification Tests and Artificial Regressions," Journal of Economic Literature, American Economic Association, vol. 30(1), pages 102-46, March.
  4. Godfrey,L. G., 1991. "Misspecification Tests in Econometrics," Cambridge Books, Cambridge University Press, number 9780521424592, December.
  5. Kinnucan, Henry W. & Chang, Hui-Shung (Christie) & Venkateswaran, Meenakshi, 1993. "Generic Advertising Wearout," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(03), December.
  6. George C. Davis, 1997. "The Logic of Testing Structural Change in Meat Demand: A Methodological Analysis and Appraisal," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1186-1192.
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Cited by:
  1. Preszler, Trent L. & Schmit, Todd M., 2008. "Modeling Perceptions Of Locally Produced Wine Among Restaurateurs In New York City," Working Papers 45503, American Association of Wine Economists.
  2. Zheng, Yuqing & Kaiser, Harry M., 2008. "Advertising and U.S. Nonalcoholic Beverage Demand," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 37(2), October.

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