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Consistency Of Hedonic Price Indexes With Unobserved Characteristics
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Book Synopsis Consistency of Hedonic Price Indexes with Unobserved Characteristics by : Iqbal A. Syed
Download or read book Consistency of Hedonic Price Indexes with Unobserved Characteristics written by Iqbal A. Syed and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedonic regressions are prone to omitted variable bias. The estimation of price relatives for new and disappearing goods using hedonic imputation methods involves taking ratios of hedonic models. This may lead to a situation where the omitted variable bias in each of the hedonic regressions offset each other. This study finds that the single imputation hedonic method estimates inconsistent price relatives, while the double imputation method may produce consistent price relatives depending on the behavior of unobserved characteristics in the comparison periods. The study outlines a methodology to test whether double imputation price relatives are consistent. The results of this study have implications with regard to the construction of quality adjusted indexes.
Book Synopsis Hedonic Price Indexes with Unobserved Product Characteristics, and Application to PC's by : C. Lanier Benkard
Download or read book Hedonic Price Indexes with Unobserved Product Characteristics, and Application to PC's written by C. Lanier Benkard and published by . This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that hedonic price indexes may be biased when not all product characteristics are observed. We derive two primary sources of bias. The first is a classical selection problem that arises due to changes over time in the values of unobserved characteristics. The second comes from changes in the implicit prices of unobserved characteristics. Next, we show that the bias can be corrected for under fairly general assumptions using extensions of factor analysis methods. We test our methods empirically using a new comprehensive monthly data set for desktop personal computer systems. For this data we find that the standard hedonic index has a slight upward bias of approximately 1.4% per year. We also find that omitting an important characteristic (CPU benchmark) causes a large bias in the index with standard methods, but that this bias is essentially eliminated when the proposed correction is applied
Book Synopsis Hedonic Price Indexes with Unobserved Product Characteristics, and Applications to PC's by : C. Lanier Benkard
Download or read book Hedonic Price Indexes with Unobserved Product Characteristics, and Applications to PC's written by C. Lanier Benkard and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook on Hedonic Indexes and Quality Adjustments in Price Indexes Special Application to Information Technology Products by : Triplett Jack
Download or read book Handbook on Hedonic Indexes and Quality Adjustments in Price Indexes Special Application to Information Technology Products written by Triplett Jack and published by OECD Publishing. This book was released on 2006-09-21 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Price indexes can be constructed using a “hedonic method” that adjusts for changes in the quality of a product. This handbook sets out best practice for constructing hedonic indexes.
Book Synopsis The Theory of Hedonic Quality Measurement and Its Use in Price Indexes by : Jack E. Triplett
Download or read book The Theory of Hedonic Quality Measurement and Its Use in Price Indexes written by Jack E. Triplett and published by . This book was released on 1971 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Prices, Product Differentiation and Quality Measurement by : Gian Maria Tomat
Download or read book Prices, Product Differentiation and Quality Measurement written by Gian Maria Tomat and published by . This book was released on 2005 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Practical Guide to Price Index and Hedonic Techniques by : Ana M. Aizcorbe
Download or read book A Practical Guide to Price Index and Hedonic Techniques written by Ana M. Aizcorbe and published by OUP Oxford. This book was released on 2014-06-12 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an accessible guide to price index and hedonic techniques, with a focus on how to best apply these techniques and interpret the resulting measures. One goal of this book is to provide first-hand experience at constructing these measures, with guidance on practical issues such as what the ideal data would look like and how best to construct these measures when the data are less than ideal. A related objective is to fill the wide gulf between the necessarily simplistic elementary treatments in textbooks and the very complex discussions found in the theoretical and empirical measurement literature. Here, the theoretical results are summarized in an intuitive way and their numerical importance is illustrated using data and results from existing studies. Finally, while the aim of much of the existing literature is to better understand official price indexes like the Consumer Price Index, the emphasis here is more practical: to provide the needed tools for individuals to apply these techniques on their own. As new datasets become increasingly accessible, tools like these will be needed to obtain summary price measures. Indeed, these techniques have been applied for years in antitrust cases that involve pricing, where economic experts typically have access to large, granular datasets.
Author :Anna Król Publisher :Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu ISBN 13 :8376957902 Total Pages :133 pages Book Rating :4.3/5 (769 download)
Book Synopsis The Application of Hedonic Methods in Quality-Adjusted Price Indices by : Anna Król
Download or read book The Application of Hedonic Methods in Quality-Adjusted Price Indices written by Anna Król and published by Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu. This book was released on 2020-06-01 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: The measurement of price dynamics is by no means new endeavourin the official statistics but the process of establishing accurate price changes in time still remains challenging in many areas. One such demanding field is the application of appropriate techniques in price index development for providing amendments reflecting quality differences which might occur in the compared commodities. The book presents results of research on the applicability of hedonic methods in adjusting price indices to changes in the goods quality and test the techniques used for hedonic price indices construction using the data sets for various groups of heterogeneous goods, including used automobiles, appartments, household appliances and ICT goods.
Book Synopsis Linear Hedonic Price Functions and the Consistent Estimation of the Demand for Characteristics by : Grant Allan Taylor
Download or read book Linear Hedonic Price Functions and the Consistent Estimation of the Demand for Characteristics written by Grant Allan Taylor and published by . This book was released on 1992 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Reconsideration of Hedonic Price Indexes with an Application to PC's by : Ariel Pakes
Download or read book A Reconsideration of Hedonic Price Indexes with an Application to PC's written by Ariel Pakes and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exact Hedonic Price Indexes by : Robert C. Feenstra
Download or read book Exact Hedonic Price Indexes written by Robert C. Feenstra and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The purpose of this paper is to identify conditions under which hedonic price indexes provide an exact measure of consumer welfare. Our results provide a rationale for existing practices in the case where prices equal marginal costs. In that case, both the marginal value of characteristics and a fixed-weight price index can be estimated from a hedonic regression. Using the marginal value of characteristics, we show how to construct bounds on the exact hedonic price index. When prices are above marginal costs then our bounds still apply, but the value of characteristics cannot be measured so easily. Since the price-cost markups are an omitted variable in the hedonic regression, they will bias the coefficients obtained. For a special class of utility functions, we argue that a linear regression will still provide a measure of the marginal value of characteristics, but a log-linear regression will overstate these values.
Book Synopsis Dealing with Unobserved Heterogeneity in Hedonic Price Models by : Marc Francke
Download or read book Dealing with Unobserved Heterogeneity in Hedonic Price Models written by Marc Francke and published by . This book was released on 2018 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with unobserved heterogeneity in hedonic price models, arising from missing property and locational characteristics. In specific, commercial real estate is very heterogeneous, and data on detailed property characteristics are often lacking. We show that adding mutually independent property random effects to a hedonic price model results in more precise out-of-sample price predictions, both for commercial multifamily housing in Los Angeles and owner-occupied single family housing in Heemstede, the Netherlands. The standard hedonic price model does not take advantage of the fact that some properties sell more than once. We subsequently show that adding spatial random effects leads to an additional increase in prediction accuracy. The increase is highest for properties without prior sales.
Book Synopsis Hedonic Imputation versus Time Dummy Hedonic Indexes by : Mick Silver
Download or read book Hedonic Imputation versus Time Dummy Hedonic Indexes written by Mick Silver and published by International Monetary Fund. This book was released on 2007-10-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statistical offices try to match item models when measuring inflation between two periods. However, for product areas with a high turnover of differentiated models, the use of hedonic indexes is more appropriate since they include unmatched new and old models. There are two main competing approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (HD) indexes. This study provides a formal analysis of exactly why the results from the two approaches may differ and discusses the issue of choice between these approaches. An illustrative study for desktop PCs is provided.
Book Synopsis Hedonic Methods in Housing Markets by : Andrea Baranzini
Download or read book Hedonic Methods in Housing Markets written by Andrea Baranzini and published by Springer Science & Business Media. This book was released on 2008-09-20 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cities are growing worldwide and their sprawl is increasingly challenged for its pressure on open spaces and environmental quality. Economic arguments can help to decide about the trade-off between preserving environmental quality and developing housing and business surfaces, provided the benefits of environmental quality are adequately quantified. To this end, this book focuses on the use and advancement of the “hedonic approach”, an economic valuation technique that analyses and quantifies the sources of rent and property price differentials. Starting from theoretical foundations, the hedonic approach is applied to the valuation of natural land use preservation and noise abatement measures, as well as to residential segregation and discrimination, extending the analysis to the role of the buyers and sellers' identity on housing market prices and to the issue of environmental justice.
Book Synopsis A Theory-based Approach to Hedonic Price Regressions with Time-varyng Unobserved Product Attributes by :
Download or read book A Theory-based Approach to Hedonic Price Regressions with Time-varyng Unobserved Product Attributes written by and published by . This book was released on 2010 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Characteristics and Hedonic Price Index Numbers by : Ian A. Crawford
Download or read book New Characteristics and Hedonic Price Index Numbers written by Ian A. Crawford and published by . This book was released on 2019 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes in product characteristics on the extensive margin are an important and hitherto neglected dimension of quality change. Standard techniques for quality-adjusting price indices cannot handle such changes satisfactorily, which leads to an economically and statistically significant bias in the measurement of prices and real output. We combine theoretical insights from index numbers and demand for characteristics to develop a new method for incorporating changes on the extensive characteristic margin. Applied to data on new car sales in the U.K., our method leads to revisions in estimated inflation rates for this commodity group that are both plausible and quantitatively important.
Book Synopsis Hedonic Price Indexes and the Matched Models Approach by : Mick Silver
Download or read book Hedonic Price Indexes and the Matched Models Approach written by Mick Silver and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider three approaches to estimating quality-adjusted price changes: (i) the dummy variable approach from a hedonic regression, (ii) a superlative or exact hedonic index and (iii) a matching technique - a technique akin to that used by statistical offices. The dummy variable approach is prevalent in the literature and has been used for independent estimates of quality changes when commenting on sources of error in consumer price indexes. However, the availability of scanner data provides an opportunity to utilize data on the prices (unit values), volumes and quality characteristics of a much wider range of transactions and to consider methods less restrictive than the dummy variable approach. The practical use of superlative or exact hedonic index and matching techniques using scanner data is explored, and the results from all three methods are compared. A feature of the paper is the breadth of the empirical work. It not only encompasses three different approaches, but extends across four different types of consumer durables. The manner in which the three approaches relate to each other is explored and the implications for quality-adjusted price changes is discussed.
