evidence of cointegration between beverage consumption, prices, advertising, and real income. Elasticities obtained from the …Time-series models of the demand for alcoholic beverages have been criticized for use of annual data; omitted variables …; mis-measurement of advertising; simultaneous equations bias; and inadequate attention to nonstationarity and dynamics …

rests heavily on how one models the mechanism by which advertising affects demand. Regardless of this mechanism, however …We examine the decision to advertise a homogenous good. We show that the likelihood of inefficiently low advertising …, there is always a lower bound of concentration below which no advertising occurs even when welfare-enhancing. In such cases …