Nonparametric Estimation of the Effects of Advertising: The Case of Lydia Pinkham
This article reexamines some of the issues raised subsequent to the classical research by Palda (1964). We use a nonparametric estimation method that allows us to incorporate both seasonal and smoothness constraints to estimate the parameters of a demand function using monthly data on Lydia Pinkham's vegetable compound. The analysis indicates that the parameters of the estimated demand equation are not constant throughout the long period of the data, which covers the whole life cycle of the product.
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