@techreport{NBERw8624,
 title = "Intermedia Substitutability and Market Demand by National Advertisers",
 author = "Alvin J. Silk and Lisa R. Klein and Ernst R. Berndt",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "8624",
 year = "2001",
 month = "December",
 URL = "http://www.nber.org/papers/w8624",
 abstract = {We assess substitutable and complementary relationships among eight national advertising media classes, as well as the magnitude of their own-price elasticities. We use a translog demand model, whose parameters we estimate by three-stage least squares, based on 1960-94 annual U.S. data.We find aggregate demand by national advertisers for each of the eight media is own-price inelastic, and that cross-price elasticities suggest slightly more substitute than complementary relationships, although both are rather weak. These patterns are consistent with long prevailing institutional arrangements and media selection practices.},
}