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Hedonics and Demand Analysis: The Implicit Demand for Player Attributes

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  • Stewart, Kenneth G
  • Jones, J C H

Abstract

Although a significant econometric literature is concerned with the implicit demand for the attributes of differentiated goods in hedonic pricing models, the literature has developed independently of modern econometric demand analysis. This study estimates factor demand systems using data on player characteristics employed by Major League Baseball teams and associated estimated hedonic prices. It is found that the implicit demand for player attributes by teams is largely consistent with the predictions of the neoclassical theory of the firm, in contrast to the results often obtained by empirical demand studies using conventional data sets. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Stewart, Kenneth G & Jones, J C H, 1998. "Hedonics and Demand Analysis: The Implicit Demand for Player Attributes," Economic Inquiry, Western Economic Association International, vol. 36(2), pages 192-202, April.
    • Handle: RePEc:oup:ecinqu:v:36:y:1998:i:2:p:192-202
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    Cited by:

    1. Daniel Megía‐Cayuela, 2023. "Valuation of ticket prices for first‐division football matches in the Spanish league," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(1), pages 576-594, January.
    2. Kenneth Stewart & J. Jones, 2010. "Are sports teams multiproduct firms?," Empirical Economics, Springer, vol. 39(2), pages 487-514, October.
    3. Mick Silver & Saeed Heravi, 2004. "Hedonic Price Indexes and the Matched Models Approach," Manchester School, University of Manchester, vol. 72(1), pages 24-49, January.
    4. 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.
    5. Kenneth Stewart, 2009. "Non-jointness and scope economies in the multiproduct symmetric generalized McFadden cost function," Journal of Productivity Analysis, Springer, vol. 32(3), pages 161-171, December.
    6. Jaume García & Plácido Rodríguez & Federico Todeschini, 2020. "The Demand for the Characteristics of Football Matches: A Hedonic Price Approach," Journal of Sports Economics, , vol. 21(7), pages 688-704, October.
    7. 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.
    8. Ajit Karnik, 2010. "Valuing Cricketers Using Hedonic Price Models," Journal of Sports Economics, , vol. 11(4), pages 456-469, August.
    9. Randy R. Grant & Brittany Teahan, 2019. "Pricing Footraces in the United States: An Application of Hedonic Pricing to the Running Industry," The American Economist, Sage Publications, vol. 64(2), pages 293-305, October.
    10. Mick Silver & Saeed Heravi, 2003. "The Measurement of Quality-Adjusted Price Changes," NBER Chapters, in: Scanner Data and Price Indexes, pages 277-316, National Bureau of Economic Research, Inc.

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