Measuring unobserved prices using the structural time-series model: The case of cycling |
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Authors: | David C Broadstock Alan Collins |
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Institution: | 1. Halcrow Group Ltd., 44 Brook Green, Hammersmith, London, UK;2. Department of Economics, University of Portsmouth, Portsmouth, UK;3. Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey, Guildford, Surrey, UK |
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Abstract: | This study presents a means of determining a historic (generalised cost based) price index for cycling in the UK for the period 1949–2006 using annual demand data. By specifying demand as a function of generalised price and income and then applying a structural time-series model to elucidate the unobserved component of prices (while controlling for observed income levels), it is illustrated that the role of prices in influencing demand is non-trivial. Over the sample period price responses generally influence demand for cycling to a greater extent than income effects. |
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