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DTSTART:20260329T010000
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DTSTART:20261025T010000
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DTSTART;TZID=Europe/Helsinki:20260123T121500
DTEND;TZID=Europe/Helsinki:20260123T133000
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SUMMARY:Julien MONARDO  (University of Bristol) "Measuring Substitution Patterns with a Flexible Demand Model"
DESCRIPTION:[vc_row][vc_column][vc_column_text]Macro seminar\nTime : 12h15- 13h30\nDate : 23 th  January 2026 \nSalle 3001 \nJulien MONARDO (University of Bristol) “Measuring Substitution Patterns with a Flexible Demand Model” \nAbstract: Estimating demand substitution patterns in differentiated product markets is central to many economic questions. I propose a flexible and tractable approach to estimate substitution patterns using market-level data. To achieve this\, I impose high-level restrictions embedded in many existing models on a market share model and convert them into tractable restrictions on the inverse market share model. A key restriction is permutation invariance in market shares and product characteristics of competing products\, which\, by leveraging a recent polynomial-based approximation result for permutation-invariant functions\, alleviates a curse of dimensionality common in demand models. This leads to a linear parametric inverse market share model that satisfies shape restrictions expressed as convex parametric constraints. Furthermore\, I introduce a convex constrained generalized method of moments estimator to enforce these restrictions. Lastly\, I demonstrate the empirical performance of the proposed approach through Monte Carlo simulations and an application to the breakfast cereal market.  \nOrganizer : Michele Fabi \n  \n
URL:https://crest.science/event/julien-monardo-university-of-bristol-measuring-substitution-patterns-with-a-flexible-demand-model/
CATEGORIES:Macroeconomics,Seminars
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