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The Price Elasticity of Milk Demand: A Meta-Analysis
Křenková, Pavlína ; Havránek, Tomáš (advisor) ; Bajzík, Josef (referee)
This thesis examines the own-price elasticity of demand for milk by exploring heterogeneous results through a meta-analysis. We gather 291 estimates from 76 studies, along with over 30 variables encompassing the characteristics of the estimates and study design. We collect estimates for three types of goods: milk (without di erentiated fat type), whole milk, and milk with reduced fat content. Publication bias is assessed using both linear and non-linear meth- ods. Our findings indicate that estimates for milk without di erentiated fat content are negatively, yet mildly, biased due to publication selection, while those for whole milk and low-fat milk remain una ected. To uncover factors contributing to the heterogeneity, we employ Bayesian model averaging, with frequentist model averaging serving as a robustness check. Our analysis reveals that demographic factors influence the elasticity size, and we find evidence that the choice of estimation approaches impacts the elasticity of whole and low-fat milk. The overall e ect is inelastic on average and the estimates are larger in absolute value when considering fat content, although no significant di erence is observed in the elasticity of various fat types. JEL Classification C83, D12, Q11, I18 Keywords meta-analysis, publication bias, Bayesian model...
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