The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes
AbstractStatistical 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 TÃÂ¶rnqvist "superlative" index. It shows why the results may differ and discusses the issue of choice between these approaches.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 25 (2007)
Issue (Month): (April)
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Web page: http://www.amstat.org/publications/jbes/index.cfm?fuseaction=main
Other versions of this item:
- Saeed Heravi & Mick Silver, 2006. "The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes," IMF Working Papers 06/181, International Monetary Fund.
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- Raquel Arévalo Tomé & José María Chamorro Rivas, . "Geographic Heterogeneity in Housing. Evidence from Spain," Studies on the Spanish Economy 203, FEDEA.
- Robert J. Hill & Michael Scholz, 2014. "Incorporating Geospatial Data in House Price Indexes: A Hedonic Imputation Approach with Splines," Graz Economics Papers 2014-05, University of Graz, Department of Economics.
- Robert J. Hill & Daniel Melser, 2007. "Comparing House Prices Across Regions and Time: An Hedonic Approach," Discussion Papers 2007-33, School of Economics, The University of New South Wales.
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