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Intermedia Substitutability and Market Demand by National Advertisers

  • Alvin J. Silk
  • Lisa R. Klein
  • Ernst R. Berndt
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    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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    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
    Date of revision:
    Publication status: published as Silk, Alvin J., Lisa R. Klein and Ernst R. Berndt. "Intermedia Substitutability And Market Demand By National Advertisers," Review of Industrial Organization, 2002, v20(4,Jun), 323-348.
    Handle: RePEc:nbr:nberwo:8624
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    1. Nelson, Phillip J, 1975. "The Economic Consequences of Advertising," The Journal of Business, University of Chicago Press, vol. 48(2), pages 213-41, April.
    2. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
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