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Hedonic Price Indexes and the Measurement of Capital and Productivity: Some Historical Reflections

In: Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth

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  • Zvi Griliches

Abstract

The paper describes the background for my original "hedonics" paper (Griliches 1961) and discusses some of the issues raised by the subsequent literature on this range of topics. It goes on to consider some of the implications of this work for the measurement of capital services and connects it to the Jorgenson-Griliches (1967) paper on the "explanation of productivity change." It reviews the criticisms made against that paper, especially the use of a utilization adjustment, and fin& itself, perhaps unsurprisingly, still in sympathy with its major thrust. It also cautions against interpreting the recent slowdown in the growth of total factor productivity as implying, necessarily, a parallel slowdown in the technological potential of the economy.

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This chapter was published in:

  • Ernst R. Berndt & Jack E. Triplett, 1991. "Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth," NBER Books, National Bureau of Economic Research, Inc, number bern91-1, October.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 5976.

    Handle: RePEc:nbr:nberch:5976

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    1. Catherine J. Morrison, 1985. "On the Economic Interpretation and Measurement of Optimal Capacity Utilization with Anticipatory Expectations," NBER Working Papers 1536, National Bureau of Economic Research, Inc.
    2. Makoto Ohta & Zvi Griliches, 1976. "Automobile Prices Revisited: Extensions of the Hedonic Hypothesis," NBER Chapters, in: Household Production and Consumption, pages 325-398 National Bureau of Economic Research, Inc.
    3. Robert J. Gordon, 1982. "Energy Efficiency, User-Cost Change, and the Measurement of Durable Goods Prices," NBER Chapters, in: The U.S. National Income and Product Accounts: Selected Topics, pages 205-268 National Bureau of Economic Research, Inc.
    4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    5. Berndt, Ernst R. & Fuss, Melvyn A., 1986. "Productivity measurement with adjustments for variations in capacity utilization and other forms of temporary equilibrium," Journal of Econometrics, Elsevier, Elsevier, vol. 33(1-2), pages 7-29.
    6. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(1), pages 59-80, February.
    7. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, Econometric Society, vol. 45(1), pages 1-22, January.
    8. Daniel McFadden, 1977. "Modelling the Choice of Residential Location," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 477, Cowles Foundation for Research in Economics, Yale University.
    9. Muellbauer, John, 1974. "Household Production Theory, Quality, and the "Hedonic Technique."," American Economic Review, American Economic Association, American Economic Association, vol. 64(6), pages 977-94, December.
    10. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 132.
    11. Kahn, James A, 1986. "Gasoline Prices and the Used Automobile Market: A Rational Expectations Asset Price Approach," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 101(2), pages 323-39, May.
    12. Bartik, Timothy J. & Smith, V. Kerry, 1987. "Urban amenities and public policy," Handbook of Regional and Urban Economics, Elsevier, in: E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 2, chapter 31, pages 1207-1254 Elsevier.
    13. Zvi Griliches, 1964. "Notes on the Measurement of Price and Quality Changes," NBER Chapters, in: Models of Income Determination, pages 381-418 National Bureau of Economic Research, Inc.
    14. Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
    15. Lucas, Robert E B, 1975. "Hedonic Price Functions," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 13(2), pages 157-78, June.
    16. Miller, Edward M, 1983. "Capital Aggregation in the Presence of Obsolescence-Inducing Technical Change," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 29(3), pages 283-96, September.
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    Cited by:
    1. Silver, Mick & Heravi, Saeed, 2002. "A failure in the measurement of inflation: results from a hedonic and matched experiment using scanner data," Working Paper Series, European Central Bank 0144, European Central Bank.
    2. Feenstra, R.C., 1995. "Exact Hedonic Price Indexes," Papers, California Davis - Institute of Governmental Affairs 95-11, California Davis - Institute of Governmental Affairs.
    3. Finn R. Førsund & Roberto Zanola, 2001. "Selling Picasso paintings: the efficiency of auction houses," ICER Working Papers, ICER - International Centre for Economic Research 07-2001, ICER - International Centre for Economic Research.
    4. Maryellen R. Kelley & Cynthia R. Cook, 1998. "The Institutional Context and Manufacturing Performance: The Case of the U.S. Defense Industrial Network," NBER Working Papers 6460, National Bureau of Economic Research, Inc.
    5. Robert C. Feenstra, 1993. "Measuring the Welfare Effect of Quality Change: Theory and Application of Japanese Autos," NBER Working Papers 4401, National Bureau of Economic Research, Inc.
    6. Angelo Zago, 2004. "Quality Production and Quality Indicators in Intermediate Products," Working Papers 16, University of Verona, Department of Economics.
    7. Juan A. Cañada Vicinay, 1997. "Les équations hédoniques de salaire et la perception subjective des conditions de travail," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 131(5), pages 155-174.
    8. Christos Ioannidis & Mick Silver, 2003. "Chained, exact and superlative hedonic price changes: estimates from microdata," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(9), pages 1005-1014.
    9. Donald Siegel, 1991. "Errors in Output Deflators Revisited: Unit Values and the PPI," NBER Working Papers 3935, National Bureau of Economic Research, Inc.

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