TY  - JOUR
AU  - Silk,Alvin J.
AU  - Klein,Lisa R.
AU  - Berndt,Ernst R.
TI  - Intermedia Substitutability and Market Demand by National Advertisers
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8624
PY  - 2001
Y2  - December 2001
UR  - http://www.nber.org/papers/w8624
L1  - http://www.nber.org/papers/w8624.pdf
N1  - Author contact info:
Alvin Silk
Graduate School of Business Administration
Harvard University
Soldiers Field
Boston, MA 02163
Tel: 617-495-6036
E-Mail: asilk@hbs.edu

Ernst R. Berndt
MIT Sloan School of Management
100 Main Street, E62-518
Cambridge, MA 02142
Tel: 617/253-2665
Fax: 617-227-0880
E-Mail: eberndt@mit.edu
AB  - 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.
ER  -