Эластичность спроса и предложения
Russian book market is one of the largest in the world in terms of new titles in print. However, this market is underexplored. There is no research dealing with an empirical demand or supply function estimation for this market. The purpose of this paper is to analyze the book demand function and to check whether this kind of demand is price and income elastic. On the basis of results retrieved, managerial recommendations are to be offered. For this purpose, the demand function for books is built and estimated both on the total sample and for particular literature genres. The peculiarity of the demand model estimation is the introduction in the model covariates indicating the book content quality such as the amount of people who gave rating on the website, average rating of the book from the website and the combined effect of these two variables. An empirical estimation of these factors influence has not been considered in the previous research yet. Model estimation was based on the data of one North-Western Federal District book retail chain. According to the estimation results, book demand is price inelastic; moreover, books are estimated to be luxury goods. The analysis of demand functions for separate genres suggests that the demand for each genre is price-insensitive. Only Russian and foreign prose, foreign fiction and poetry are luxury goods among all the genres analyzed. A foreign detective, Russian fiction and sentimental novel are normal goods, whereas Russian detective is an inferior goods. The results of the research might be of a particular interest for books retail chains and publishers
Housing unaffordability and unavailability are major socio-economic problems in modern Russia, and result from market failure to provide a sufficient volume of new housing at reasonable prices. About 29% of new newly constructed housing units are self-build single-family houses produced outside the market. Professional builders are specialized mainly in constructing multifamily houses, generally in urban areas. This study analyses the efficiency of this market segment of housing construction, and shows that: (1) it is characterized by low price elasticity; (2) the responsiveness of new housing supply to demand changes is weak due to various supply restrictions and the imperfectly competitive behaviour of building companies and (3) self-built housing construction helps limit the market power of builders, which is stronger in more developed (and more profitable) regional markets and weaker in less developed ones.
Objective: the main objective of the paper is to systemize the approaches to reveal consumer preferences in the market if performing arts. We focus on the data used in empirical studies, main variables and their measures to determine the preferences and econometric methods of preferences identification.
Methodology: we use metaanalysis of recent papers on the estimation of demand for performing arts and identification of theatregoers’ preferences as main methodology for this research.
Results: the main result is the review of revealed and stated preferences methods, description of its applicability and critical analysis. We also systemized the main variables which determine the consumer behavior in the market of performing arts.
Area of application: this research is aimed to help theatres which are motivated to study the demand function on their services and the portrait of the theatregoer. This study may be applied for tuning the marketing management system and pricing strategy of a theatre.
Conclusions: study of the theatre consumer behavior may be done with the real sales data (method of revealed preferences) or with the consumer survey data (method of stated preferences). Demand and preferences of theatre consumers depend on characteristics of consumer, characteristics of hall and place in a hall, characteristics and date and time of play and performance. Individual preferences, their willingness to pay for attendance and price elasticity of demand is heterogeneous and should be taken into account when modelling the preferences and making management decisions.
Institutions affect investment decisions, including investments in human capital. Hence institutions are relevant for the allocation of talent. Good market-supporting institutions attract talent to productive value-creating activities, whereas poor ones raise the appeal of rent-seeking. We propose a theoretical model that predicts that more talented individuals are particularly sensitive in their career choices to the quality of institutions, and test these predictions on a sample of around 95 countries of the world. We find a strong positive association between the quality of institutions and graduation of college and university students in science, and an even stronger negative correlation with graduation in law. Our findings are robust to various specifications of empirical models, including smaller samples of former colonies and transition countries. The quality of human capital makes the distinction between educational choices under strong and weak institutions particularly sharp. We show that the allocation of talent is an important link between institutions and growth.