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Who should pay for certification?
Stahl, Konrad; Strausz, Roland - 2011
Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer or the seller? Our answer - the seller - follows from a nontrivial analysis revealing a clear intuition. Buyer-induced certification acts as an inspection device,...
Persistent link: https://www.econbiz.de/10010306003
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Price Competition with Information Disparities in a Vertically Differentiated Duopoly
Cavaliere, Alberto - 2004
differentiation, informed consumers exert a positive externality on the purchasers of the high quality good as its price decreases … when the share of informed consumers decreases. Considering also that the price of the low quality good increases with the … with pessimistic consumers we can explain demand collapses and insensitivity to price changes due to consumer suspicions …
Persistent link: https://www.econbiz.de/10011324907
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Monotonic regression based on Bayesian P-splines: an application to estimating price response functions from store-level scanner data
Brezger, Andreas; Steiner, Winfried J. - 2003
its price increases, and therefore one expects a brand's unit sales to be a decreasing function in own price. We follow a … brand of orange juice and show that imposing monotonicity constraints for own- and cross-item price effects improves the …
Persistent link: https://www.econbiz.de/10010266201
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Welfare analysis using nonseparable models
Hoderlein, Stefan; Vanhems, Anne - 2010
This paper proposes a framework to model empirically welfare effects that are associated with a price change in a … heterogeneous effect of a chance of gasoline price using US consumer data and find very substantial differences in individual …
Persistent link: https://www.econbiz.de/10010288365
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Econometric analysis of volatile art markets
Bocart, Fabian Y. R. P.; Hafner, Christian M. - 2011
expectation. The art price index is a smooth function of time and has a variability that is comparable to the volatility of stock …
Persistent link: https://www.econbiz.de/10010281564
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The singularity of the efficiency bound of the mixed proportional hazard model
Ridder, Geert; Woutersen, Tiemen - 2001
We reconsider the efficiency bound for the semi-parametric Mixed Proportional Hazard (MPH) model with parametric baseline hazard and regression function. This bound was first derived by Hahn (1994). One of his results is that if the baseline hazard is Weibull, the efficiency bound is singular,...
Persistent link: https://www.econbiz.de/10010291982
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The singularity of the information matrix of the mixed proportional hazard model
Ridder, Geert; Woutersen, Tiemen - 2002
Elbers and Ridder (1982) identify the Mixed Proportional Hazard model by assuming that the heterogeneity has finite mean. Under this assumption, the information matrix of the MPH model may be singular. Moreover, the finite mean assumption cannot be tested. This paper proposes a new...
Persistent link: https://www.econbiz.de/10010292025
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Social experiments and instrumental variables with duration outcomes
Abbring, Jaap; van den Berg, Gerard - 2005
This paper examines the empirical analysis of treatment effects on duration outcomes from data that contain instrumental variation. We focus on social experiments in which an intention to treat is randomized and compliance may be imperfect. We distinguish between cases where the treatment starts...
Persistent link: https://www.econbiz.de/10010293007
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A nonparametric test for seasonal unit roots
Kunst, Robert M. - 2009
and power of our procedure and we illustrate it by applications to a commodity price and to an unemployment rate. …
Persistent link: https://www.econbiz.de/10010294023
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Semiparametric Approaches to the Prediction of Conditional Correlation Matrices in Finance
Herwartz, Helmut; Golosnoy, Vasyl - 2007
We consider the problem of ex-ante forecasting conditional correlation patterns using ultra high frequency data. Flexible semiparametric predictors referring to the class of dynamic panel and dynamic factor models are adopted for daily forecasts. The parsimonious set up of our approach allows to...
Persistent link: https://www.econbiz.de/10010296287