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A Specification Test for Choosing the "Right" Public-Good Price

K. J. Hayes
Journal of Business & Economic Statistics
Vol. 7, No. 2 (Apr., 1989), pp. 267-273
DOI: 10.2307/1391445
Stable URL: http://www.jstor.org/stable/1391445
Page Count: 7
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A Specification Test for Choosing the "Right" Public-Good Price
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Abstract

This article compares statistically three popular public-good price definitions. The bias of parameter estimates under the wrong definition is derived and calculated. One definition is found to be clearly inferior, whereas bias estimates indicate little difference between the two remaining definitions. Public-good demand elasticities and their variances are calculated to demonstrate the importance of choosing the "right" price definition.

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