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.
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.
Download or read book Sampling Frequency and the Comparison Between Conformable Matched Model and Hedonic Regression Price Indexes written by George Deltas and published by . This book was released on 1999 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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.
Download or read book Prices Product Differentiation and Quality Measurement written by Gian Maria Tomat and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides an analysis of the problems of construction of quality-adjusted price indexes within the framework of the theory of product differentiation. In the general case of price-making behaviour on the part of firms, hedonic regressions are defined on the basis of reduced forms of the equation relating equilibrium prices to product characteristics. The paper considers the reduced form given by the marginal cost function and shows that the Laspeyres hedonic price index provides a lower bound to the quality-adjusted rate of price change while the Paasche hedonic price index provides an upper bound to the quality-adjusted rate of price change. The properties of hedonic price indexes are compared with those of matched model indexes. The theory is applied to the study of personal computer prices in Italy during the 1995-2000 period.
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:
Download or read book Price Index Concepts and Measurement written by W. Erwin Diewert and published by University of Chicago Press. This book was released on 2010-02-15 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
Download or read book Survey of Current Business written by and published by . This book was released on 1986 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents current statistical data on economic activity.
Download or read book How to Better Measure Hedonic Residential Property Price Indexes written by Mick Silver and published by International Monetary Fund. This book was released on 2016-11-08 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.
Download or read book Quality adjusted Prices written by Olympia Bover and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book OECD Guide to Measuring the Information Society 2011 written by OECD and published by OECD Publishing. This book was released on 2011-07-26 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Guide to Measuring the Information Society is a compilation of concepts, definitions, classifications and methods for information society measurement and analysis.
Download or read book Producer Price Index Manual written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-09-03 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: The producer price index (PPI) measures the rate at which the prices of producer goods and services are changing overtime. It is a key statistic for economic and business decision making and inflation monitoring. The Producer Price Index Manual: Theory and Practice provides clear, up-to-date guidance on the concepts, uses, methods, and economic theory of the PPI, including information on classifications, sources, compilation techniques, and analytical uses of the PPI. The Manual supersedes the previous international guidance on PPIs (available in the Manual on Producers’ Price Indices for Industrial Goods, published by the United Nations Statistics Division in 1979). The Manual's conceptual framework derives from the System of National Accounts1993 and recent developments in index number theory. Preparation of the Manual was undertaken by the Intersecretariat Working Group on Price Statistics through a technical expert group chaired by the IMF and involving representatives from the ILO, the OECD, the UN Economic Commission for Europe, the World Bank, national statistical offices, and academic institutions.
Download or read book Export and Import Price Index Manual Theory and Practice written by OECD and published by OECD Publishing. This book was released on 2010-04-06 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: A joint production by six international organizations, this manual explores the conceptual and theoretical issues that national statistical offices should consider in the daily compilation of export and import price indices. Intended for use by both ...
Download or read book Measuring Construction written by Rick Best and published by Routledge. This book was released on 2015-04-17 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the size, complexity and importance of the construction industry, there has been little study to date which focuses on the challenge of drawing reliable conclusions from the available data. The accuracy of industry reports has an impact on government policy, the direction and outcomes of research and the practices of construction firms, so confusion in this area can have far reaching consequences. In response to this, Measuring Construction looks at fundamental economic theories and concepts with respect to the construction industry, and explains their merits and shortcomings, sometimes by looking at real life examples. Drawing on current research the contributors tackle: industry performance productivity measurement construction in national accounts comparing international construction costs and prices comparing international productivity The scope of the book is international, using data and publications from four continents, and tackling head on the difficulties arising from measuring construction. By addressing problems that arise everywhere from individual project documentation, right up to national industrial accounts, this much-needed book can have an impact at every level of the industry. It is essential reading for postgraduate construction students and researchers, students of industrial economics, construction economists and policy-makers.
Download or read book The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes written by Mick Silver and published by International Monetary Fund. This book was released on 2006-07 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statistical offices try to match item models when measuring inflation between two periods. For product areas with a high turnover of differentiated models, however, the use of hedonic indexes is more appropriate since they include the prices and quantities of unmatched new and old models. The two main approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (DTH) indexes. This study provides a formal analysis of the difference between the two approaches for alternative implementations of the Törnqvist "superlative" index. It shows why the results may differ and discusses the issue of choice between these approaches.
Download or read book Consumer Price Index Manual written by International Labour Office and published by International Labour Organization. This book was released on 2004-08-25 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: The consumer price index (CPI) measures the rate at which prices of consumer goods and services change over time. It is used as a key indicator of economic performance, as well as in the setting of monetary and socio-economic policy such as indexation of wages and social security benefits, purchasing power parities and inflation measures. This manual contains methodological guidelines for statistical offices and other agencies responsible for constructing and calculating CPIs, and also examines underlying economic and statistical concepts involved. Topics covered include: expenditure weights, sampling, price collection, quality adjustment, sampling, price indices calculations, errors and bias, organisation and management, dissemination, index number theory, durables and user costs.
