By J.P. Nelson, Michael R. Baye
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Additional resources for Advertising and Differentiated Products (Advances in Applied Microeconomics, Vol. 10)
As discussed in the introduction, this raises the possibility that the estimated price and advertising Table 4. Johansen Maximum Eigenvalue Test (# of Cointegrating Vectors). 05 level or better. The Long-run Demand for Alcoholic Beverages and the Advertising Debate 41 elasticities from previous alcohol demand studies, which have generally estimated models in ﬁrst differences, may be biased by the omission of the error correction terms. In the next section, we will jointly estimate the longand short-run demand relationships for each beverage using a vector error-correction model.
As discussed in the introduction, this procedure allows for consistent aggregation by providing an adjustment for the effectiveness of each media. The consumption, real advertising, and real disposable income series were converted to per capita magnitudes using the population aged 16 + . Summary statistics for each variable are displayed in Table 1. Note that per capita consumption grew during the sample period, but the mean growth rates for prices and advertising were negative. To facilitate estimation of various elasticities, all non-population variables were converted to natural logarithms.
S. Non-alcoholic Beverage Demand 25 per pound. 0 oz. 803 gallons. 251 per gallon drinking coffee. 777 per gallon. Tea price – The tea price series was complicated by the fact that the CPI Detail Report does not list a price for tea andceased publishing a price index for tea in 1977. The latter problem was solved by constructing a price index (1982 = 100) for the period 1975–1995 based on data in Tropical Products: World Markets and Trade (pp. 36–37) provided by the International Tea Committee (ITC).