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Endogeneidad en sistemas de precios : una visión desde la empresa
(Universidad EAFIT, 2020) López Orozco, Juan Cristóbal; Botero García, Jesús Alonso; Chaparro Cardona, Juan Camilo
Using transaccional data from the leading retain chain in Colombia, a two-stage model is used to correct for endogeneity bias in a pre-existing price-elasticity of demand model. OLS results are compared to those of Instrumental Variable regression for categories of products. Data related to work-related mobility restrictions is used as an instrument for the price time series with the intention of capturing the supply shock resulting from the first months of quarantine associated with COVID-19. Results were found to vary significantly between product categories but overall elasticity coefficients were being underestimated by the OLS model