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When do matched-model and hedonic techniques yield similar measures?

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Author Info

  • Mark Doms
  • Ana Aizcorbe
  • Carol Corrado

Abstract

Hedonic techniques were developed to control for quality differences across goods and over time in order to construct constant-quality aggregate price measures. When the available data are a panel of high-frequency data on models whose characteristics are constant over time, matched-model price indexes can also be used to obtain constant quality price measures. We show this by demonstrating that, given data of this type, certain matched-model indexes yield price measures that are numerically close to those obtained using hedonic techniques. ; * This paper is a condensed version of a paper that was presented at the CRIW workshop on Price Measurement at the NBER Summer Institute, July 31-August 1, 2000 and is available at http://www.nber.org.

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Bibliographic Info

Paper provided by Federal Reserve Bank of San Francisco in its series Working Papers in Applied Economic Theory with number 2003-14.

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Date of creation: 2003
Date of revision:
Handle: RePEc:fip:fedfap:2003-14

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Related research

Keywords: Prices ; Econometric models;

References

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  1. Feenstra, R.C., 1995. "Exact Hedonic Price Indexes," Department of Economics 95-11, California Davis - Department of Economics.
  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. Ariel Pakes, 2002. "A Reconsideration of Hedonic Price Indices with an Application to PC's," NBER Working Papers 8715, National Bureau of Economic Research, Inc.
  4. Triplett, Jack E & McDonald, Richard J, 1977. "Assessing the Quality Error in Output Measures: The Case of Refrigerators," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 23(2), pages 137-56, June.
  5. Ernst R. Berndt & Zvi Griliches, 1990. "Price Indexes for Microcomputers: An Exploratory Study," NBER Working Papers 3378, National Bureau of Economic Research, Inc.
  6. Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-90, July.
  7. Hausman, Jerry, 1999. "Cellular Telephone, New Products, and the CPI," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(2), pages 188-94, April.
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Citations

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Cited by:
  1. Robert J. Gordon, 2009. "Apparel Prices 1914-93 and the Hulten/Bruegel Paradox," NBER Chapters, in: Price Index Concepts and Measurement, pages 85-128 National Bureau of Economic Research, Inc.
  2. Alan G. WHITE & Jaison R. ABEL & Ernst R. BERNDT & Cory W. MONROE, 2005. "Hedonic Price Indexes for Personal Computer Operating Systems and Productivity Suites," Annales d'Economie et de Statistique, ENSAE, issue 79-80, pages 787-807.
  3. Parkhomenko, Alexander & Redkina, Anastasia, 2006. "Эконометрические Оценки Гедонических Индексов Цен На Персональные Компьютеры В России: Пример Рынка Г. Екат�," MPRA Paper 1506, University Library of Munich, Germany, revised 07 Nov 2006.
  4. Mark Doms, 2003. "Communications equipment: what has happened to prices?," Working Papers in Applied Economic Theory 2003-15, Federal Reserve Bank of San Francisco.
  5. David M. Byrne & Brian K. Kovak & Ryan Michaels, 2013. "Price and quality dispersion in an offshoring market: evidence from semiconductor production services," Finance and Economics Discussion Series 2013-06, Board of Governors of the Federal Reserve System (U.S.).
  6. Carol Corrado & Wendy Dunn & Maria Otoo, 2006. "Incentives and prices for motor vehicles: what has been happening in recent years?," Finance and Economics Discussion Series 2006-09, Board of Governors of the Federal Reserve System (U.S.).
  7. Ana Aizcorbe & Nicole Nestoriak, 2010. "Price Indexes for Drugs: A Review of the Issues," BEA Working Papers 0050, Bureau of Economic Analysis.

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