Dissertation on billboard magazine

1. Demand on Music Χαράλαμπος Λουκά Τμήμα Οικονομικών, Πανεπιστήμιο Κύπρου [ Καθηγητής: Πάρις Κλεάνθους ]

4. Billboard Hot 100

7. Consumer Not to purchase song Purchase song Madonna Eminem American pie Like a Prayer Music Bad girl Lose yourself When I’m gone The real slim shady The way I am

15. Mean Utility levels of consumers i from choosing songs j at time t, δ is: a bbprevious + b(lns j /c) + δ (lns j /a) + ε ijt ( + ) (+) ( + ) Estimation is done using simulated method of moments. Instruments were used to correct for the endogeneity for billboard variable. Valid instruments used are: spins_t1, spins_t2, spins_t3. There will be appropriate instruments for the billboard variable because they are considered to be a component of billboard methodology. RANDOM UTILITY SPECIFICATION

16. PARAMETER ESTIMATES FROM RANDOM COEFFICIENTS MODEL Table 1 Parameters from Demand IV Estimation across Models IV IV IV Logit NML1 NML2 Variable Coefficients of Characteristics (B’s) Billboard variable .08312* .0894479* .0876795* (.0065858) (.0066689) (.0065562) Lnshare j/a .5900136* .5499985* (.0889111) (.0863784) Comp. shares -3.658588* (.9258662) Notes: No. of observations: 744 Standard errors are in parenthesis *indicates for p-value < 0.01 #indicates statistically insignificant for all internals of confidence

19. Table2 Correcting for serial correlation Comparing OLS and FGLS Coefficient OLS Cohrane-Orcutt Billboard Variable .0354139* .0353378* (.0026945) (.0026894) Lnshare j/a .3497378 * .2575079* (0439599) (.0663477) Company shares -.746492# -1.072981# (.7315225) (.6785416) Notes: No. of observations: 744 Standard errors are in parenthesis *indicates for p-value < 0.01 #indicates statistically insignificant for all internals of confidence