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Estimating Household Demand for Olive Oil in Greece

Author

Listed:
  • Ioanna Kountouri

    (Athens University of Economics and Business, Greece)

  • Prodromos Prodromidis

    (Centre for Planning and Economic Research, and Athens University of Economics and Business, Greece)

Abstract

The paper estimates the monthly household demand for olive oil in Greece by econometrically analysing in a two-stage Heckman framework, cross-sectional microeconomic data solicited via the Household Budget Survey of 2011. It finds that quantity increases as (a) its price decreases, and (b) income or the quantity of seed oil, olive pomace oil, and margarine increase. Spatial, seasonal, and a couple of nationality (origin) effects are detected. Price elasticity is estimated at 1.5-1.7, which suggests that conditions are to some degree favourable towards the formation of a profit maximising monopoly exerting market power in Greece.

Suggested Citation

  • Ioanna Kountouri & Prodromos Prodromidis, 2017. "Estimating Household Demand for Olive Oil in Greece," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 15(1), pages 33-45.
    • Handle: RePEc:seb:journl:v:15:y:2017:i:1:p:33-45
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    File URL: http://www.asecu.gr/Seeje/issue28/issue28-kountouri-prodromidis.pdf
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    More about this item

    Keywords

    Demand; Olive Oil; Substitute for Other Edible Oils and Fats; Greece; Sample Selection Correction;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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