Intermedia Substitutability and Market Demand by National Advertisers

Intermedia Substitutability and Market Demand by National Advertisers We assess substitute and complementary relationships among eight national advertising media classes, as well as the magnitude of their own-price elasticities. We employ a translog demand model, whose parameters we estimate by three-stage least squares, based on 1960–94 annual U.S. data.We find aggregate demand by national advertisers for each of the eight media isown-price inelastic, and that cross-price elasticities suggest slightly more substitutethan complementary relationships, although both are rather weak. These patterns areconsistent with long prevailing institutional arrangements and media selection practices. Review of Industrial Organization Springer Journals

Intermedia Substitutability and Market Demand by National Advertisers

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Kluwer Academic Publishers
Copyright © 2002 by Kluwer Academic Publishers
Economics; Industrial Organization; Microeconomics
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