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Demand analysis with many prices

Author: Victor Chernozhukov; Jerry A Hausman; Whitney K Newey; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 26424.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
From its inception, demand estimation has faced the problem of "many prices." This paper provides estimators of average demand and associated bounds on exact consumer surplus when there are many prices in cross-section or panel data. For cross-section data we provide a debiased machine learner of consumer surplus bounds that allows for general heterogeneity and solves the "zeros problem" of demand. For panel data we  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Victor Chernozhukov; Jerry A Hausman; Whitney K Newey; National Bureau of Economic Research,
OCLC Number: 1126345858
Notes: "November 2019"
Description: 1 online resource (38 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 26424.
Responsibility: Victor Chernozhukov, Jerry A. Hausman, Whitney K. Newey.

Abstract:

From its inception, demand estimation has faced the problem of "many prices." This paper provides estimators of average demand and associated bounds on exact consumer surplus when there are many prices in cross-section or panel data. For cross-section data we provide a debiased machine learner of consumer surplus bounds that allows for general heterogeneity and solves the "zeros problem" of demand. For panel data we provide bias corrected, ridge regularized estimators of average coefficients and consumer surplus bounds. In scanner data we find smaller panel elasticities than cross-section and that soda price increases are regressive.

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