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Efficient Estimation Of Hedonic Inverse Input Demand Systems

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  • Kristofersson, Dadi
  • Rickertsen, Kyrre

Abstract

The paper 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 (1982). 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.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2003 Annual meeting, July 27-30, Montreal, Canada with number 21926.

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Date of creation: 2003
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Handle: RePEc:ags:aaea03:21926

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Keywords: Demand and Price Analysis; C51; Q22.;

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  1. Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, Econometric Society, vol. 50(3), pages 765-68, May.
  2. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(1), pages 81-88, February.
  3. 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.
  4. Kenneth E. McConnell & Ivar E. Strand, 2000. "Hedonic Prices for Fish: Tuna Prices in Hawaii," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 82(1), pages 133-144.
  5. 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.
  6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  7. Stewart, Kenneth G & Jones, J C H, 1998. "Hedonics and Demand Analysis: The Implicit Demand for Player Attributes," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 36(2), pages 192-202, April.
  8. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 107(441), pages 390-402, March.
  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.
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Cited by:
  1. Ochieng', Otieno Geoffrey, 2010. "Effect of Value Addition on Price: A Hedonic Analysis of Peanut in Retail Supermarkets in Nairobi, Kenya," Research Theses, Collaborative Masters Program in Agricultural and Applied Economics 134495, Collaborative Masters Program in Agricultural and Applied Economics.
  2. 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, Journal of International Agricultural Trade and Development, vol. 59(3).
  3. repec:hal:wpaper:halshs-00839147 is not listed on IDEAS
  4. Stoeppel, Kelly M. & Maynard, Leigh J., 2006. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Staff Papers, University of Kentucky, Department of Agricultural Economics 31983, University of Kentucky, Department of Agricultural Economics.
  5. Smed, Sinne & Hansen, Lars Garn, 2012. "Consumer valuation of health attributes in food," 2012 AAEA/EAAE Food Environment Symposium, May 30-31, Boston, MA, Agricultural and Applied Economics Association 122730, Agricultural and Applied Economics Association.
  6. Marsh, Thomas L. & Piggott, Nicholas E., 2013. "Measuring Pre-Commited Quantities Through Consumer Price Formation," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia, Australian Agricultural and Resource Economics Society 152165, Australian Agricultural and Resource Economics Society.
  7. 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.
  8. Rangkakulnuwat, Poomthan & Wang, H. Holly & Ahn, Sung K., 2007. "The inverse imported factor demand system in Thailand: A cointegration analysis," Economics Letters, Elsevier, vol. 94(3), pages 402-407, March.
  9. Laurent Gobillon & François-Charles Wolff & Patrice Guillotreau, 2013. "The anatomy of prices on the French fish market," PSE Working Papers halshs-00839147, HAL.
  10. Fanning, Jasper & Marsh, Thomas L., 2005. "Spatial Hedonic Analysis Of Veterinarian Income," 2005 Annual meeting, July 24-27, Providence, RI, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 19168, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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