Hedonics and Demand Analysis: The Implicit Demand for Player Attributes

Kenneth Stewart and John Jones ()

Economic Inquiry, 1998, vol. 36, issue 2, 192-202

Abstract: Although a significant econometric literature is concerned with the implicit demand for the attributes of differentiated goods in hedonic pricing models, the literature has developed independently of modern econometric demand analysis. This study estimates factor demand systems using data on player characteristics employed by Major League Baseball teams and associated estimated hedonic prices. It is found that the implicit demand for player attributes by teams is largely consistent with the predictions of the neoclassical theory of the firm, in contrast to the results often obtained by empirical demand studies using conventional data sets. Copyright 1998 by Oxford University Press.

Date: 1998
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