Hedonic Price Models for Dynamic Markets
The price of a product depends on its characteristics and will vary in dynamic markets. The model describes a processing firm that bids in an auction for a heterogeneous and perishable input. The reduced form of this model is estimated as an expanded random parameter model that combines a nonlinear hedonic bid function and inverse input demand functions for characteristics. The model was estimated by using 289,405 transactions from the Icelandic fish auctions. Total catch and gut ratio were the main determinants of marginal prices of characteristics, while the price of cod mainly depended on size, gutting and storage. Copyright 2007 Blackwell Publishing Ltd and the Department of Economics, University of Oxford.
Year of publication: |
2007
|
---|---|
Authors: | Kristofersson, Dadi ; Rickertsen, Kyrre |
Published in: |
Oxford Bulletin of Economics and Statistics. - Department of Economics, ISSN 0305-9049. - Vol. 69.2007, 3, p. 387-412
|
Publisher: |
Department of Economics |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Highgrading in Quota Regulated Fisheries: Evidence from the Icelandic Cod Fishery
Kristofersson, Dadi, (2005)
-
High-Grading in a Quota-Regulated Fishery, with Empirical Evidence from the Icelandic Cod Fishery
Kristofersson, Dadi, (2005)
-
Hedonic price models for dynamic markets
Kristofersson, Dadi, (2007)
- More ...