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Car quality improvements and price indices in Spain

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  • Mario Izquierdo
  • Omar Licandro
  • Alberto Maydeu

Abstract

The main goals of this study are to measure quality improvements in automobile sector in Spain and to estimate the quality bias in car price index released by INE. In order to do that, we propose an alternative methodology to estimate hedonic regressions. This methodology involves classifying the "indicators" of quality of an automobile in "sub-indices" that reflect different aspects of quality, subsequently grouping the sub-indices in an overall quality index. Consequently, car quality can be measured by a readily interpretable index; and its price can be estimated with statistical accuracy in an hedonic regression where the overall quality index is used as regressor. Results indicate that the implicit quality bias in the car price index released by INE is 3.1 % per year.

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Paper provided by FEDEA in its series Working Papers with number 2001-18.

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Handle: RePEc:fda:fdaddt:2001-18

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  1. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557, January.
  2. BARRIOS, Salvador & DE LUCIO, Juan José, . "Economic integration and regional business cycles: evidence from the Iberian regions," CORE Discussion Papers RP -1655, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, July.
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Cited by:
  1. Omar Licandro & Antonio R. Sampayo, 2006. "The effects of replacement schemes on car sales: the Spanish case," Investigaciones Economicas, Fundación SEPI, vol. 30(2), pages 239-282, May.
  2. Varela-Irimia, Xosé-Luís, 2011. "Age effects, unobserved characteristics and hedonic price indexes: The Spanish car market in the 1990's," Working Papers 2072/169683, Universitat Rovira i Virgili, Department of Economics.

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  1. Studies on the automobile industry

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