BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//CREST - ECPv5.1.3//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:CREST
X-ORIGINAL-URL:https://crest.science
X-WR-CALDESC:Events for CREST
BEGIN:VTIMEZONE
TZID:Europe/Helsinki
BEGIN:DAYLIGHT
TZOFFSETFROM:+0200
TZOFFSETTO:+0300
TZNAME:EEST
DTSTART:20190331T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0300
TZOFFSETTO:+0200
TZNAME:EET
DTSTART:20191027T010000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=Europe/Helsinki:20191104T110000
DTEND;TZID=Europe/Helsinki:20191104T120000
DTSTAMP:20260713T012157
CREATED:20191025T100804Z
LAST-MODIFIED:20210330T063401Z
UID:12351-1572865200-1572868800@crest.science
SUMMARY:Ao Wang (CREST) - "A BLP Demand Model of Product-Level Market Shares with Complementarity"
DESCRIPTION:CREST Internal Seminar in Microeconomics :  \n\nTime: 11:00 am – 12:00pm\nDate: 04th Nov. 2019\nPlace: Room 3105.\nAo Wang (CREST) – “A BLP Demand Model of Product-Level Market Shares with Complementarity”\n\nAbstract: The behavior of mix and match is pervasive\, while applied researchers often estimate demand model of single products\, ruling out complementarity among products. The model of demand for bundles typically relies on the availability of bundle-level choice data. In some situations\, however\, researchers may only observe product-level market shares\, e.g.\, aggregate sales data in retailing\, vote shares of elections on election day. This paper studies a random coefficients discrete choice model of bundles when only product-level market shares are available. Similar to BLP model for single products\, I use a two-step identification and estimation strategy. First\, I invert product-level market shares to mean utilities of products using a novel demand inverse to deal with complementarity. This demand inverse can be implemented by Jacobian based algorithms in estimation. Second\, I use instrument variables to deal with endogenous prices. I provide constructive completeness conditions for identification and form GMM conditions in estimation. Finally\, I examine the practical performance of the methods in the context of the ready-to-eat (RTE) cereal industry in the USA. Aligned with recent findings in the literature\, the estimation results suggest substantial complementarity among different RTE cereal brands. Moreover\, ignoring complementarity may result in misleading counterfactual simulations. \n\nOrganizer: \n\n\nMorgane Guignard (CREST)\nSponsors:\nCREST\n\n
URL:https://crest.science/event/ao-wang-crest-a-blp-demand-model-of-product-level-market-shares-with-complementarity/
LOCATION:3105
END:VEVENT
END:VCALENDAR