Limit Theorems for Estimating the Parameters of Differentiated Product Demand Systems PDF Download
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Author: Steven Berry
Publisher:
ISBN:
Category : Demand (Economic theory)
Languages : en
Pages : 49
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Book Description
Author: Steven Berry
Publisher:
ISBN:
Category : Demand (Economic theory)
Languages : en
Pages : 49
Get Book Here
Book Description
Author: Steve Berry
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
We provide an asymptotic distribution theory for a class of Generalized Method of Moments estimators that arise in the study of differentiated product markets when the number of observations is associated with the number of products within a given market. We allow for three sources of error: the sampling error in estimating market shares, the simulation error in approximating the shares predicted by the model, and the underlying model error. The limiting distribution of the parameter estgimator is normal provided the size of the consumer sample and the number of simulation draws grow at a large enough rate relative to the number of products. The required rates differ for two frequently used demand models, and a small Monte Carlo study shows that the difference in asymptotic properties of the two models are reflected in the models' small sample properties. The differences impact directly on the computational burden of the two models.
Author: Steven T. Berry
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
Author: Ali Hortaçsu
Publisher: Princeton University Press
ISBN: 0691243468
Category : Business & Economics
Languages : en
Pages : 280
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Book Description
"Within economics a relatively new way of modeling has dominated important subfields: structural modeling. The goal of this book is to give an overview on how the various streams of literatures in empirical industrial organization and quantitative marketing use structural econometric modeling to estimate the model parameters, give the economic-model-based predictions, and conduct the policy counterfactual experiments. The traditional way of modelling, called "reduced-form" builds its models from simple relationships between variables of interests, which are mostly linear. Structural econometric models start by specifying the structure of the economic model, and the variables are calibrated from real-world data. This method enables better predictions and policy counterfactuals, and has other benefits. When considering a hypothetical policy change using the traditional modeling method ("reduced form"), researchers can often only estimate whether an effect would be positive or negative. With a structural econometric model using real-world data, a researcher can obtain the magnitude of the effects resulting from a hypothetical change. But the ability of quantifying the effects associated with a hypothetical policy change comes with its costs: the nonlinearity from explicitly specifying the possible relationships makes the structural econometric approach generally much more difficult to implement than its reduced-form counterpart. Therefore this book will provide a much-needed resource on how to use these methods effectively in the fields in which they been used the most, empirical industrial organization and quantitative marketing"--
Author:
Publisher: Elsevier
ISBN: 0323915140
Category : Business & Economics
Languages : en
Pages : 788
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Book Description
Handbook of Industrial Organization, Volume Four highlights new advances in the field, with this new volume presenting interesting chapters written by an international board of expert authors. Presents authoritative surveys and reviews of advances in theory and econometrics Reviews recent research on capital raising methods and institutions Includes discussions on developing countries
Author: James Joseph Heckman
Publisher: Elsevier
ISBN: 0444506314
Category : Econometrics
Languages : en
Pages : 1013
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Book Description
As conceived by the founders of the Econometric Society, econometrics is a field that uses economic theory and statistical methods to address empirical problems in economics. It is a tool for empirical discovery and policy analysis. The chapters in this volume embody this vision and either implement it directly or provide the tools for doing so. This vision is not shared by those who view econometrics as a branch of statistics rather than as a distinct field of knowledge that designs methods of inference from data based on models of human choice ...
Author: Zvi Griliches
Publisher: Elsevier
ISBN: 0444887660
Category : Business & Economics
Languages : en
Pages : 1013
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Book Description
The Handbook is a definitive reference source and teaching aid for econometricians. It examines models, estimation theory, data analysis and field applications in econometrics.
Author: Peter Davis
Publisher: Princeton University Press
ISBN: 1400831865
Category : Business & Economics
Languages : en
Pages : 1185
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Book Description
This book combines practical guidance and theoretical background for analysts using empirical techniques in competition and antitrust investigations. Peter Davis and Eliana Garcés show how to integrate empirical methods, economic theory, and broad evidence about industry in order to provide high-quality, robust empirical work that is tailored to the nature and quality of data available and that can withstand expert and judicial scrutiny. Davis and Garcés describe the toolbox of empirical techniques currently available, explain how to establish the weight of pieces of empirical work, and make some new theoretical contributions. The book consistently evaluates empirical techniques in light of the challenge faced by competition analysts and academics--to provide evidence that can stand up to the review of experts and judges. The book's integrated approach will help analysts clarify the assumptions underlying pieces of empirical work, evaluate those assumptions in light of industry knowledge, and guide future work aimed at understanding whether the assumptions are valid. Throughout, Davis and Garcés work to expand the common ground between practitioners and academics.
Author: Ramanan Laxminarayan
Publisher: Springer Science & Business Media
ISBN: 9400748396
Category : Business & Economics
Languages : en
Pages : 327
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Book Description
The book examines applications in two disparate fields linked by the importance of valuing information: public health and space. Researchers in the health field have developed some of the most innovative methodologies for valuing information, used to help determine, for example, the value of diagnostics in informing patient treatment decisions. In the field of space, recent applications of value-of-information methods are critical for informing decisions on investment in satellites that collect data about air quality, fresh water supplies, climate and other natural and environmental resources affecting global health and quality of life.
Author: Satoshi Myojo
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We derive asymptotic properties of an estimator for supply and demand models extended with additional moments relating consumer demographics to the characteristics of purchased products. We clarify the structure of a practical sampling scheme in which the extended estimator is consistent, asymptotically normal, and more efficient than the original estimator. We provide conditions guaranteeing the asymptotic theorems hold for the random coefficient logit model of demand with oligopolistic suppliers. Extensive simulation studies demonstrate significant benefits of the additional moments in estimating the random coefficient logit model.
