Efficient Estimation of Hedonic Inverse Input Demand Systems
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 <link rid="b6">Brown and Rosen</link>. 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 American Agricultural Economics Association.
Year of publication: |
2004
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Authors: | Kristofersson, Dadi ; Rickertsen, Kyrre |
Published in: |
American Journal of Agricultural Economics. - American Agricultural Economics Association. - Vol. 86.2004, 4, p. 1127-1137
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Publisher: |
American Agricultural Economics Association |
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