scholarly journals An Automated Econometric Approach for Estimating and Reporting Daily Cotton Market Prices

1995 ◽  
Vol 27 (2) ◽  
pp. 409-422 ◽  
Author(s):  
Jeff E. Brown ◽  
Don E. Ethridge ◽  
Darren Hudson ◽  
Carlos Engels
Keyword(s):  
Computer Technology ◽  
Reporting System ◽  
High Volume ◽  
Hedonic Price ◽  
Price Theory ◽  
Working Process ◽  
Market Prices ◽  
Efficient Price ◽  
Instrument Grading ◽  
Econometric Approach

AbstractAn automated price reporting system developed through computer technology and hedonic price theory is used to estimate daily cotton market prices, premiums, and discounts. This objective approach for reporting cotton market prices was developed to complement the objective measures of high volume instrument grading of cotton. The computerized, econometric system is limited to the Texas and Oklahoma marketing regions where sales are readily available from electronic markets. The econometric based system has shown all the characteristics of an efficient price reporting system; it is accurate, reliable, consistent, and repeatable in its working process and price estimates.

What Determines Port Wine Prices?

2007 ◽  
Vol 2 (2) ◽  
pp. 203-212 ◽  
Author(s):  
Rui Couto Viana ◽  
Lúcia Lima Rodrigues
Keyword(s):  
Jel Classification ◽  
Hedonic Price ◽  
Port Wine ◽  
Cross Sectional ◽  
Firm Reputation ◽  
Market Prices ◽  
Large Sample ◽  
Price Function ◽  
Hedonic Price Function ◽  
Port Wines

AbstractIn this study, we estimate a cross-sectional hedonic price function for Port wines in order to determine the price influence of several Port wine characteristics. Drawing on a large sample of more than 14,000 sales from the biggest Port wine firms we find that market prices can be explained by objective characteristics such as age, type of Port and type of brand appearing on the bottle label and subjective characteristics such as firm reputation. The Port type is the main price determinant. (JEL Classification: C21, Q11)

Advertising Quality in Sales Response Models

1987 ◽  
Vol 24 (1) ◽  
pp. 106-113 ◽  
Author(s):  
Stephen J. Arnold ◽  
Tae H. Oum ◽  
Bohumir Pazderka ◽  
Douglas W. Snetsinger
Keyword(s):  
Pilot Study ◽  
Response Model ◽  
Hedonic Price ◽  
Price Theory ◽  
Response Models ◽  
One Step ◽  
Advertising Spending ◽  
Sales Response ◽  
Spending Function

Hedonic price theory is adapted to advertising. A quality-adjusted advertising spending function is embedded in a sales response model and the parameters of both equations are estimated in one step. The procedure provides an alternative to the judgmental aggregation of attributes of advertising quality into a single value. The results permit comparison of the sales effects of variations in advertising spending with the effects of variations in copy quality, and permit computation of an advertising figure that accounts for both copy quality and actual spending. A pilot study illustrates the procedure.

scholarly journals Terroir in the New World: Hedonic Estimation of Vineyard Sale Prices in California

2017 ◽  
Vol 12 (3) ◽  
pp. 282-301 ◽  
Author(s):  
Robin Cross ◽  
Andrew J. Plantinga ◽  
Robert N. Stavins
Keyword(s):  
New World ◽  
Sample Selection ◽  
Slope Aspect ◽  
Sample Selection Bias ◽  
Hedonic Price ◽  
Hedonic Price Analysis ◽  
Price Analysis ◽  
Econometric Approach ◽  
The Universe ◽  
Jel Classifications

AbstractIn the Old-World vineyards of Europe, a key concept that plays an important role in the production and appreciation of wines is terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We examine whether terroir matters in the New-World wines produced in California's Napa and Sonoma Counties by conducting a hedonic price analysis of vineyard sales over the period 1991 to 2007 to determine the relative effects on vineyard sales prices of designated appellations versus biophysical site attributes commonly associated with terroir, such as slope, aspect, elevation, and climate. Because vineyards that are sold are not necessarily representative of the universe of vineyards, we employ Heckman's two-stage econometric approach to control for possible sample-selection bias. We find that intrinsic site attributes and designated appellations influence vineyard prices, although our results are stronger and more consistent with regard to the influence of appellations. This finding indicates that terroir matters economically, even if the designated appellations have relatively less connection in reality with terroir. (JEL Classifications: C2, Q11)

scholarly journals Pulses for Healthy and Sustainable Food Systems: The Effect of Origin on Market Price

2020 ◽  
Vol 13 (1) ◽  
pp. 185
Author(s):  
Claudio Acciani ◽  
Annalisa De Boni ◽  
Francesco Bozzo ◽  
Rocco Roma
Keyword(s):  
Food Systems ◽  
Strong Dependence ◽  
Market Price ◽  
Good Alternative ◽  
Hedonic Price ◽  
Sustainable Food Systems ◽  
Market Prices ◽  
Sustainable Food ◽  
Social Environmental

Pulses are widely acknowledged for their high nutritional value due to high protein content, low content in calories, and low glycemic index; they are a good alternative to animal proteins thus offering a considerable number of social, environmental, and health benefits. Despite pulses being widely acknowledged as healthy and sustainable food, in mainly European countries, consumption is growing but still lower than the recommended level, production is unprofitable in comparison to the current market prices level, and a reduction in harvested area has led to a strong dependence on import for pulses supply. Pulses are particularly fitting to the feature of local food because they can be suitably grown in any context, even in the most complex areas, and consumer interest and awareness of food origin has strongly increased in recent years. Lentils were selected as a case study in this paper that aims to define which features are effective on market price and, in particular, the role of origin declaration on label plays in defining the market price and how the origin attributes may enhance market price and farms competitiveness. The methodological tool for this investigation is the hedonic price model, useful to explain the effects of attributes of pulses affecting the market price. Results contribute to a better understanding of the pulse market, emphasizing that the “origin declaration” on label may have a positive effect on market price.

Assessing Italian wine quality and prices: de gustibus non disputandum est

2016 ◽  
Vol 118 (5) ◽  
Author(s):  
Luca Cacchiarelli ◽  
Anna Carbone ◽  
Marco Esti ◽  
Tiziana Laureti ◽  
Alessandro Sorrentino
Keyword(s):  
Design Methodology ◽  
Hedonic Price ◽  
Wine Quality ◽  
Market Prices ◽  
Factors Affecting ◽  
Italian Wine ◽  
Quality Signals ◽  
Italian Regions ◽  
Wine Experts ◽  
The One

Purpose The paper focuses on high segments of the Italian wine market. The goal is twofold. First, it aims at understanding to what extent wine experts are influenced by specific quality clues. Second, it seeks at assessing the role and effectiveness of different quality clues in the creation of price Design/methodology/approach To meet these goals two independent equations are set. The first -estimated via an ordered logit- explaining the rating of a wine with a bunch of attributes of the wine and of its production process. The second equation is a hedonic price model –estimated via an interval regression- where price is a function of a large number of quality clues. The analysis covers 2,523 wines from three Italian Regions as reviewed by Veronelli guide, 2010 edition Findings The model estimation results indicates that: i) few attributes seems to systematically impact experts’ judgments; ii) many quality clues are associated with significant price premiums; iii) in some cases consumers give value to quality clues along with Veronelli’s experts while in other cases there is no such alignment Originality/value This study advances the literature in two different ways. First, modeling two distinct equations that describe the factors affecting, on the one side, experts’ evaluations, and, on the other side, market prices. Second, as it assesses the price premium associated to quality clues whose value hasn’t been considered so far in hedonic price models. We affirm that assessing factors that influence experts brings more transparency and a better segmentation in the guide market and in all experts’ quality signals.

scholarly journals RELEVANCE OF THE CONCEPT OF FAIR PRICES AND PROFITS FOR THE COMMUNITY, (STUDY OF IBN TAYMIYYAH THOUGHTS ON JUSTICE IN TRADE)

2019 ◽  
Vol 11 (1) ◽  
pp. 1-18
Author(s):  
Zaenuddin Mansyur
Keyword(s):  
General Public ◽  
Economic Conditions ◽  
Community Study ◽  
Market Forces ◽  
Price Theory ◽  
Fair Price ◽  
Public Event ◽  
Market Conditions ◽  
Market Prices ◽  
Theory Of Justice

The urgency of justice in determining a price or profit in trade at least can construct the concerns of the leading cleric's Ibn Taymiyyah to bring up the theories associated with it. Ibn Taymiyah's involvement in bringing up the theory of justice in the field of trade was nothing but to improve the economic conditions of the community where he lived. Ibn Taimiyah's concern in the economy when he gave rise to fair price theory. According to him that a fair price is a price that can be formed by market forces that run freely is not determined by the party who has the goods so that the shortage of goods (supply decreases) or increasing population (demand rises) is not a reason to raise prices as freely as possible. While the theory of determining a fair price for Ibn Taymiyyah had an impact on determining a fair profit as well. Where profit-taking may also not be determined by the owner of the goods but profit-taking is based on market conditions in ways that are generally accepted. This means that the profit to be taken is a normal profit that can be received by all parties by providing the same price to the general public event even though there is a great need for the merchandise. Thus, determining a price is very relevant to making a profit. Where profits can be determined through market prices that do not cause gaps and exploitation to buyers.

scholarly journals Analysis of Automobile Data Flow

2018 ◽  
Vol 1 (1) ◽  
Author(s):  
Guanghui Wei
Keyword(s):  
Computer Technology ◽  
New Technologies ◽  
Low Cost ◽  
High Volume ◽  
Electronic Control ◽  
Automotive Applications ◽  
Control Precision ◽  
Wide Range ◽  
Great Progress ◽  
Reduction Of Emissions

The trend of automobile development is safety, energy saving and environmental protection. Due to the developmentand application of new technologies such as electronic technology, computer technology and information technology,the electronic control of automobile has made great progress in the control precision, scope, adaptability andintelligence and realized the fully optimized operation of the automobile. Therefore, in the reduction of emissions,reduce fuel consumption, improve safety and comfort and many other aspects of electronic control technology hasobvious advantages. This is bound to require a large number of sensors in the car. These miniature sensors are smallenough to enable a wide range of new features, high-volume and high-precision production, low cost and easy to formlarge-scale and multi-function arrays that make them ideal for automotive applications.

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