HSE Staff Members at Conference on Modern Econometric Tools and Applications
Research Fellows of the Group for Applied Markets and Enterprises Studies Alina Buzanakova and Evgeniy Ozhegov took part in the 3rd International Conference ‘Modern Econometric Tools and Applications – META2016’ that was held at HSE Nizhny Novgorod.
The conference is held annually at HSE Nizhny Novgorod, and brings together Russian and international researchers in applied or theoretical econometrics. At the conference sessions the participants discussed modern econometric tools for statistics research and applications for finance, macroeconomics and market research. About 30 scholars from Russia, USA, UK, Italy and other countries took part in the conference.
Alina Buzanakova presented a report on ‘Modelling heterogeneity in preferences for performing arts: evidence from Perm opera and ballet theatre’, a joint study with Evgeniy Ozhegov. The researchers assessed the function of demand for plays at Perm Opera and Ballet Theatre and found out that the price elasticity of demand is relatively inelastic. At the same the price elasticity of consumers is heterogeneous. The quality of the play and location of the seat in the hall affect the sensibility of the audience to ticket prices and their willingness to pay.
Evgeniy Ozhegov also presented some research into ‘Heterogeneity of sellers in housing market: the difference in pricing strategies’, a joint project with Alexandra Sidorovikh, a graduate of HSE Perm.
In this work, the researchers determined the differences in the motivation and behavior of various types of sellers in the real estate market, including estate agents and individuals. Thus, in case of long-term exposure of the object on the secondary real estate market, estate agents reduce the price faster as they focus on an increasing number of transactions, while individuals prefer not to lower the price, waiting for a relevant price offer.
These reports by HSE staff members were appreciated by their colleagues and raised considerable interest among the participants.