The Substitutability of Network and National Spot Television Advertising

Abstract

The translog method is used to obtain estimates of the Morishima substitution elasticity between television network advertising and national spot television advertising. Dickey -Fuller and cointegration tests lead to a partially differenced system estimated via SUR. Confidence intervals for the estimates are derived by treating the time series of elasticity estimates as a realization from a stochastic process and applying an er go die theorem after discussing a failed attempt to bootstrap the confidence intervals. We find that television network advertising and national spot television advertising are substitutes.

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