By J.P. Nelson, Michael R. Baye
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Additional resources for Advertising and Differentiated Products (Advances in Applied Microeconomics, Vol. 10)
We also report estimates of the associated error-correction models, ﬁnding little in the way of short-run dynamics, but signiﬁcant contemporaneous effects associated with changes in the age composition of the population. Section VI contains concluding remarks on the alcohol advertising debate. II. ALCOHOL ADVERTISING AND DEMAND: A BRIEF SURVEY Empirical research on alcohol use and abuse has grown substantially in the past decade (for surveys, see Leung & Phelps, 1993; Cook & Moore, 2000), but research on alcohol advertising has lagged behind.
Marketing Science, 14, G141-G150. , & Green, R. D. (1994). Maintaining and Testing for Separability in Demand Systems. American Journal of Agricultural Economics, 76, 61–73. Mountain, D. C. (1988). The Rotterdam Model: An Approximation in Variable Space. Econometrica, 56, 477–484. Piggott, R. , Piggott, N. , & Wright, V. E. (1995). Approximating Farm-Level Returns to Incremental Advertising Expenditure: Methods and Application to the Australian Meat Industry. American Journal of Agricultural Economics, 77, 497–511.
LONG-RUN BEVERAGE DEMAND In this section, we estimate the long-run demand for each beverage using the full-information maximum likelihood estimator derived by Johansen (1988, 1991). Estimates of the corresponding long-run demand elasticities are obtained, as are estimates of the associated short-run responses. In the interest of space, only the main results from the VEC models will be discussed. Long-Run Demand Elasticities For each beverage, two VEC models were estimated: one without lagged difference terms, and another containing a single lagged difference of each explanatory variable.