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Efficient Estimation Of Hedonic Inverse Input Demand Systems

  • Kristofersson, Dadi
  • Rickertsen, Kyrre

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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File URL: http://purl.umn.edu/21926
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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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  1. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
  2. James N. Brown & Harvey S. Rosen, 1982. "On the Estimation of Structural Hedonic Price Models," NBER Technical Working Papers 0018, National Bureau of Economic Research, Inc.
  3. 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, vol. 82(1), pages 133-144.
  4. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 81-88, February.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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