A Semiparametric Approach to Analyzing Differentiated Agricultural Products
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When consumers have heterogeneous perceptions about product quality, traditional parametric
methods may not provide accurate marginal valuation estimates of a product’s characteristics.
A quantile regression framework can be used to estimate valuations of product
characteristics when quality perceptions are not homogeneous. Semiparametric quantile regressions
provide identification and quantification of heterogeneous marginal valuation effects
across a conditional price distribution. Using purchase price data from a bull auction, we show
that there are nonconstant marginal valuations of bull carcass and growth traits. Improved
understanding of product characteristic valuations across differentiated market segments can
help producers develop more cost-effective management strategies.