G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/t0272
来源IDTechnical Working Paper 0272
Demand Estimation With Heterogeneous Consumers and Unobserved Product Characteristics: A Hedonic Approach
Patrick Bajari; C. Lanier Benkard
发表日期2001-07-01
出版年2001
语种英语
摘要We study the identification and estimation of preferences in hedonic discrete choice models of demand for differentiated products. In the hedonic discrete choice model, products are represented as a finite dimensional bundle of characteristics, and consumers maximize utility subject to a budget constraint. Our hedonic model also incorporates product characteristics that are observed by consumers but not by the economist. We demonstrate that, unlike the case where all product characteristics are observed, it is not in general possible to uniquely recover consumer preferences from data on a consumer's choices. However, we provide several sets of assumptions under which preferences can be recovered uniquely, that we think may be satisfied in many applications. Our identification and estimation strategy is a two stage approach in the spirit of Rosen (1974). In the first stage, we show under some weak conditions that price data can be used to nonparametrically recover the unobserved product characteristics and the hedonic pricing function. In the second stage, we show under some weak conditions that if the product space is continuous and the functional form of utility is known, then there exists an inversion between a consumer's choices and her preference parameters. If the product space is discrete, we propose a Gibbs sampling algorithm to simulate the population distribution of consumers' taste coefficients.
主题Microeconomics ; Households and Firms ; Econometrics ; Estimation Methods
URLhttps://www.nber.org/papers/t0272
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/565949
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Patrick Bajari,C. Lanier Benkard. Demand Estimation With Heterogeneous Consumers and Unobserved Product Characteristics: A Hedonic Approach. 2001.
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