A Likelihood Approach to Estimating Market Equilibrium Models

Topics:
Pricing and Margins,
Pricing Strategy
Tags:
Estimation,
Estimation Method,
Manufacturing,
Marketing,
Marketing Research,
Pricing,
Stanford University
Source:
Stanford University

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Overview: This paper develops a new likelihood-based method for the simultaneous estimation of structural demand-and-supply models for markets with differentiated products. This paper specifies an individual-level discrete choice model of demand and derives the supply side assuming manufacturers compete in prices. The proposed estimation method considers price endogeneity through simultaneous estimation of demand and supply, allows for consumer heterogeneity, and incorporates a pricing rule consistent with economic theory.

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Format: PDF | Size: 205KB | Date: Feb 2004 | Pages: 33

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