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Anton Bekkermanon 27 June 2014
Transcript of Quantile Regression
Dept. of Agricultural Economics and Economics
Montana State University
firstname.lastname@example.org How do consumers valuate agricultural goods? Implicit value of characteristics Quality considerations Price Traditionally: Fully parameterize relationship between prices and quality considerations quantile regression Semi-parametric Quantile Regression Approach OLS
(conditional mean) QR
(conditional quantile) Fully parameterized Semi-parameterized Analyzing Bull Auctions Midland Bull Test 260 producers 262 buyers Simple Performance Measures Expected Progeny Difference Actual birth weight
Age at sale
Average daily gain
Residual feed intake
67% and 75% fractional interest indicators
Bull breed indicators Birth weight EPD
Intramuscular fat EPD
Rib-eye area EPD
Milk EPD Conclusions and Implications Consumers' quality considerations matter Fully parameterizing quality effects is difficult and can constrain inferences We find that quality considerations matter for bull buyers Understanding consumers' valuation of product characteristics across a quality spectrum can improve production and marketing decisions $ $ $ $ $