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Intermedia Substitutability and Market Demand by National Advertisers

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  • Alvin J. Silk
  • Lisa R. Klein
  • Ernst R. Berndt
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    Abstract

    We assess substitutable and complementary relationships among eight national advertising media classes, as well as the magnitude of their own-price elasticities. We use a translog demand model, whose parameters we estimate by three-stage least squares, based on 1960-94 annual U.S. data.We find aggregate demand by national advertisers for each of the eight media is own-price inelastic, and that cross-price elasticities suggest slightly more substitute than complementary relationships, although both are rather weak. These patterns are consistent with long prevailing institutional arrangements and media selection practices.

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    File URL: http://www.nber.org/papers/w8624.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8624.

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    Date of creation: Dec 2001
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    Handle: RePEc:nbr:nberwo:8624

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    1. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. Nelson, Phillip J, 1975. "The Economic Consequences of Advertising," The Journal of Business, University of Chicago Press, vol. 48(2), pages 213-41, April.
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    Cited by:
    1. Evan Kwerel & Johathan Levy & Robert Pepper & David Sappington & Donald Stockdale & John Williams, 2002. "Economic Issues at the Federal Communications Commission," Review of Industrial Organization, Springer, vol. 21(4), pages 337-356, December.
    2. Alvin Silk & Lisa Klein & Ernst Berndt, 2002. "Intermedia Substitutability and Market Demand by National Advertisers," Review of Industrial Organization, Springer, vol. 20(4), pages 323-348, June.
    3. Gambaro, Marco & Puglisi, Riccardo, 2013. "Complement or substitute? The internet as an advertising channel, evidence on advertisers on the Italian market, 2005-2009," 24th European Regional ITS Conference, Florence 2013 88464, International Telecommunications Society (ITS).

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