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Efficient Estimation of Hedonic Inverse Input Demand Systems

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  • Dadi Kristofersson
  • Kyrre Rickertsen

Abstract

This article 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. 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. Copyright 2004, Oxford University Press.

Suggested Citation

  • Dadi Kristofersson & Kyrre Rickertsen, 2004. "Efficient Estimation of Hedonic Inverse Input Demand Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(4), pages 1127-1137.
    • Handle: RePEc:oup:ajagec:v:86:y:2004:i:4:p:1127-1137
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    File URL: http://hdl.handle.net/10.1111/j.0002-9092.2004.00658.x
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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 134495, Collaborative Masters Program in Agricultural and Applied Economics.
    2. Paul Harris & Bruno Lanfranco & Binbin Lu & Alexis Comber, 2020. "Influence of Geographical Effects in Hedonic Pricing Models for Grass-Fed Cattle in Uruguay," Agriculture, MDPI, vol. 10(7), pages 1-17, July.
    3. Johan Blomquist & Valerio Bartolino & Staffan Waldo, 2015. "Price Premiums for Providing Eco‐labelled Seafood: Evidence from MSC‐certified Cod in Sweden," Journal of Agricultural Economics, Wiley Blackwell, vol. 66(3), pages 690-704, September.
    4. 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.
    5. Gobillon, Laurent & Wolff, François-Charles, 2020. "The local effects of an innovation: Evidence from the French fish market," Ecological Economics, Elsevier, vol. 171(C).
    6. 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.
    7. Guillen, Jordi & Maynou, Francesc, 2014. "Importance of temporal and spatial factors in the ex-vessel price formation for red shrimp and management implications," Marine Policy, Elsevier, vol. 47(C), pages 66-70.
    8. Cecilia Hammarlund, 2015. "The Big, the Bad, and the Average: Hedonic Prices and Inverse Demand for Baltic Cod," Marine Resource Economics, University of Chicago Press, vol. 30(2), pages 157-177.
    9. 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.
    10. Wolff, François-Charles & Asche, Frank, 2022. "Pricing heterogeneity and transaction mode: Evidence from the French fish market," Journal of Economic Behavior & Organization, Elsevier, vol. 203(C), pages 67-79.
    11. Maynard, Leigh J. & Stoeppel, Kelly M., 2007. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 25(2), pages 1-15.
    12. N. Koffi Amegbeto & Victor M. Manyong & Ousmane Coulibaly & Robert Asiedu, 2008. "Estimating market demand for fresh yam characteristics using contingent valuation: implications for crop breeding and production choices," Agricultural Economics, International Association of Agricultural Economists, vol. 39(3), pages 349-363, November.
    13. Laurent Gobillon & François-Charles Wolff & Patrice Guillotreau, 2013. "The anatomy of prices on the French fish market," PSE Working Papers halshs-00839147, HAL.
    14. Knútsson, Ögmundur & Kristófersson, Daði Már & Gestsson, Helgi, 2016. "The effects of fisheries management on the Icelandic demersal fish value chain," Marine Policy, Elsevier, vol. 63(C), pages 172-179.
    15. Kyrre Rickertsen & Frode Alfnes & Pierre Combris & Géraldine Enderli & Sylvie Issanchou & Jason F. Shogren, 2017. "French Consumers' Attitudes and Preferences toward Wild and Farmed Fish," Marine Resource Economics, University of Chicago Press, vol. 32(1), pages 59-81.
    16. 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).
    17. Julia Bronnmann & Frank Asche, 2016. "The Value of Product Attributes, Brands and Private Labels: An Analysis of Frozen Seafood in Germany," Journal of Agricultural Economics, Wiley Blackwell, vol. 67(1), pages 231-244, February.
    18. Eric Sjöberg, 2015. "Pricing on the Fish Market--Does Size Matter?," Marine Resource Economics, University of Chicago Press, vol. 30(3), pages 277-296.
    19. Fanning, Jasper & Marsh, Thomas L., 2005. "Spatial Hedonic Analysis Of Veterinarian Income," 2005 Annual meeting, July 24-27, Providence, RI 19168, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    20. Smed, Sinne & Hansen, Lars Garn, 2018. "Consumer Valuation of Health Attributes in Food," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 43(2), May.
    21. Asche, Frank & Larsen, Thomas A. & Smith, Martin D. & Sogn-Grundvåg, Geir & Young, James A., 2015. "Pricing of eco-labels with retailer heterogeneity," Food Policy, Elsevier, vol. 53(C), pages 82-93.
    22. Laurent Gobillon & François-Charles Wolff & Patrice Guillotreau, 2017. "The effect of buyers and sellers on fish market prices," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 44(1), pages 149-176.
    23. François-Charles Wolff & Frédéric Salladarré & Laurent Baranger, 2024. "A classification of buyers in first-sale fish markets: Evidence from France," Post-Print hal-04586532, HAL.

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    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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