Estimating Household Demand for Olive Oil in Greece

Ioanna Kountouri and Prodromos Prodromidis
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Ioanna Kountouri: Athens University of Economics and Business, Greece

South-Eastern Europe Journal of Economics, 2017, vol. 15, issue 1, 33-45

Abstract: The paper estimates the monthly household demand for olive oil in Greece by econometrically analysing in a two-stage Heckman framework, cross-sectional microeconomic data solicited via the Household Budget Survey of 2011. It finds that quantity increases as (a) its price decreases, and (b) income or the quantity of seed oil, olive pomace oil, and margarine increase. Spatial, seasonal, and a couple of nationality (origin) effects are detected. Price elasticity is estimated at 1.5-1.7, which suggests that conditions are to some degree favourable towards the formation of a profit maximising monopoly exerting market power in Greece.

Keywords: Demand; Olive Oil; Substitute for Other Edible Oils and Fats; Greece; Sample Selection Correction (search for similar items in EconPapers)
JEL-codes: C21 C24 D12 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:seb:journl:v:15:y:2017:i:1:p:33-45

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