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Valuing a new good

Laura Blow

Published on 20 January 2004

This paper presents a nonparametric method for calculating a lower bound on the virtual or reservation price of a new good.

This paper presents a nonparametric method for calculating a lower bound on the virtual or reservation price of a new good. This allows the welfare effects of product market innovations to be investigated. We illustrate the technique using consumer panel data.

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Laura Blow