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| Demand System Estimation× | Hedonisk prissättningsmodell× | |
|---|---|---|
| Ämnesområde | Nationalekonomi | Nationalekonomi |
| Familj | Regression model | Regression model |
| Ursprungsår≠ | 1954 | 1974 |
| Upphovsperson≠ | Richard Stone (linear expenditure system); developed by Deaton, Muellbauer, Theil, Barten | Sherwin Rosen |
| Typ≠ | System of structural demand equations estimated jointly | Revealed preference valuation method |
| Ursprungskälla≠ | Stone, R. (1954). Linear expenditure systems and demand analysis: an application to the pattern of British demand. The Economic Journal, 64(255), 511–527. DOI ↗ | Rosen, S. (1974). Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition. Journal of Political Economy, 82(1), 34–55. DOI ↗ |
| Alias≠ | Consumer Demand System, System of Demand Equations, Complete Demand System, Demand System Analysis | Hedonic Regression, Characteristics Pricing Model |
| Närliggande | 3 | 3 |
| Sammanfattning≠ | Demand system estimation jointly models how a consumer or population allocates a budget across a complete set of goods, estimating a system of equations — one per good — that relate each good's expenditure share or quantity to all prices and total expenditure. Unlike a single-equation demand curve, a demand system imposes the cross-equation restrictions implied by consumer theory: adding-up (shares sum to the budget), homogeneity (no money illusion), and Slutsky symmetry (consistency of cross-price effects). Classic functional forms include Stone's Linear Expenditure System, the Rotterdam model, and the Almost Ideal Demand System, and the system is estimated with seemingly unrelated regression or full-information methods. | The hedonic pricing model, developed by Sherwin Rosen in 1974 and building on Kevin Lancaster's characteristics theory (1966), is an econometric method for valuing the implicit prices of product attributes by regressing market prices on observed characteristics. It reveals the trade-offs consumers are willing to make among product features and can be used to infer valuations of environmental amenities (e.g., air quality via house prices) and to adjust price indices for quality changes. |
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