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• W2165843559 abstract "I. INTRODUCTION Hedonic analysis is the standard technique of applied econometrics for modeling differentiated products. A hedonic price function relates the observed price of a differentiated good to the bundle of characteristics of which the good is composed; the derivatives of the function with respect to the characteristics are the implied hedonic prices, which empirical work typically seeks to estimate. As has been recognized since at least the work of Rosen [1974], underlying the hedonic price function is an implicit market for these characteristics. A number of studies have attempted to estimate the associated supply-demand system in particular applied contexts, based on data on the quantities of the characteristics used in the estimation of the hedonic price function and the resulting estimated hedonic prices. Examples include Nelson [1978], Witte, Sumka, and Erekson [1979], and Thomas [1993]. Rather than a complete supply-demand system, other authors focus only on the implicit demand for characteristics; for example, Polinsky and Rubinfeld [1977], Harrison and Rubinfeld [1978], Agarwal and Ratchford [1980], Bender, Gronberg, and Hwang [1980], Blomquist and Worley [1981], Quigley [1982], Mendelsohn [1984], and Palmquist [1984]. A curious aspect of these studies which appears to have gone unrecognized is the failure to draw on modern econometric demand analysis in the estimation of the implied demand system for the characteristics. Instead the analysis of the implicit market proceeds on the basis of ad hoc, typically linear or loglinear, functional forms which involve no explicit derivation from consumer theory and which impose arbitrary (and non-testable) restrictions on preferences. As a consequence there is little means beyond descriptive econometric measures (goodness of fit, examination of signs and t ratios, and so on) for judging the adequacy or legitimacy of the results. No use is made of contemporary flexible functional form methodology which provides a second-order approximation to arbitrary preferences and which permits, in addition to the calculation of elasticities, the testing of fundamental hypotheses of consumer theory such as demand homogeneity and symmetry of the Slutsky matrix, and numerical checks on the concavity of the associated implied expenditure function. The present work attempts to fill this gap. However, instead of a differentiated good in a product market, to which consumer demand theory would apply, we choose to study a good in a factor market, so that the relevant demand equations are a system of factor demands for the underlying characteristics. The good in question is the service of baseball players to major league baseball teams, which is a differentiated good in that different players represent different bundles of alternative attributes such as pitching or hitting skills. Our focus is solely on the implicit demand system for these attributes; no attempt is made to estimate the associated supply system reflecting player behavior. There are several reasons for this seemingly peculiar choice of commodity. First, the factor market for baseball players is of some intrinsic interest, as evidenced by the extent to which it has been studied by economists. For a taste of this, see the entry by Quirk [1987] in The New Palgrave and the recent survey by Fort and Quirk [1995]. In particular, the market has been the focus of work by labor economists: examples are Blass [1992], Khan [1993a; 1993b], and Sommers [1992]. Much of this literature derives from the seminal work of Scully [1974], who estimated equations for baseball player salaries as functions of player skills. Although not previously recognized in these terms, underlying Scully's salary equations are implicit markets for player skills. The previous work involving baseball salary equations by Scully [1974; 1989] and others (for example, Blass [1992], Hill and Spellman [1984], Fort [1992], Pascal and Rapping [1972], Raimondo [1983], and Sommers [1990]) is useful because it provides guidance as to the appropriate specification of the hedonic price equation. …" @default.
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• W2165843559 date "1998-04-01" @default.
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• W2165843559 title "HEDONICS AND DEMAND ANALYSIS: THE IMPLICIT DEMAND FOR PLAYER ATTRIBUTES" @default.
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• W2165843559 doi "https://doi.org/10.1111/j.1465-7295.1998.tb01706.x" @default.
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