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Bootstrapping a Hedonic Price Index: Experience from Used Cars Data

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Author Info
Michael Beer () (Department of Quantitative Economics)

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Abstract

Every hedonic price index is an estimate of an unknown economic parameter. It depends, in practice, on one or more random samples of prices and characteristics of a certain good. Bootstrap resampling methods provide a tool for quantifying sampling errors. Following some general reflections on hedonic elementary price indices, this paper proposes a case-based, a model-based, and a wild bootstrap approach for estimating confidence intervals for hedonic price indices. Empirical results are obtained for a data set on used cars in Switzerland. A simple and an enhanced adaptive semi-logarithmic model are fit to monthly samples, and bootstrap confidence intervals are estimated for Jevons-type hedonic elementary price indices.

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Publisher Info
Paper provided by Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland in its series DQE Working Papers with number 4.

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Length: 15 pages
Date of creation: 22 Jul 2005
Date of revision: 20 Jan 2007
Publication status: Published in AStA Advances in Statistical Analysis, 2007, vol. 91, no. 1, pp. 77-92.
Handle: RePEc:fri:dqewps:wp0004

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Postal: Bd de Pérolles 90, CH-1700 Fribourg
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Web page: http://www.unifr.ch/dqe/
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Related research
Keywords: hedonic regression; hedonic price indices; bootstrap methods; wild bootstrap; confidence intervals; used cars;

Other versions of this item:

Find related papers by JEL classification:
C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hans Wolfgang Brachinger, 2002. "Statistical Theory of Hedonic Price Indices," DQE Working Papers 1, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland, revised Aug 2003. [Downloadable!]
  2. Curry, Bruce & Morgan, Peter & Silver, Mick, 2001. "Hedonic Regressions: Mis-specification and Neural Networks," Applied Economics, Taylor and Francis Journals, vol. 33(5), pages 659-71, April. [Downloadable!] (restricted)
  3. Jonathan Murray, 1999. "Price-Quality Relations and Hedonic Price Indexes for Cars in the United Kingdom," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 6(1), pages 5-27, February. [Downloadable!] (restricted)
  4. James G. MacKinnon, 2002. "Bootstrap inference in econometrics," Canadian Journal of Economics, Canadian Economics Association, vol. 35(4), pages 615-645, November. [Downloadable!] (restricted)
  5. Jack Triplett, 2004. "Handbook on Hedonic Indexes and Quality Adjustments in Price Indexes: Special Application to Information Technology Products," OECD Science, Technology and Industry Working Papers 2004/9, OECD, Directorate for Science, Technology and Industry. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Hans Wolfgang Brachinger & Michael Beer, 2009. "The Econometric Foundations of Hedonic Elementary Price Indices," DQE Working Papers 12, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland. [Downloadable!]
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