Quality Adjusted Prices for the American Automobile Industry: 1906-1940
AbstractWe push the span of hedonic price calculations for automobiles backwards towards the industry's birth. Most of the real change that occurred between 1906 and 1982 occurred between 1906 and 1940. During these years, hedonic prices fell at an average annual rate of 5%. The pace was brisker still during the first 8-12 years. Our measured declines can be decomposed into price and quality components. Our calculations suggest that 60% of the overall decline 1906-1940 was due to process innovation and only 40% to product innovation or quality change per se. Regressors representing mechanical systems matter in these calculations.
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Bibliographic InfoPaper provided by Tel Aviv in its series Papers with number 10-95.
Length: 42 pages
Date of creation: 1995
Date of revision:
Contact details of provider:
Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.
Web page: http://econ.tau.ac.il/research/foerder.asp
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PRICES; AUTOMOBILE INDUSTRY;
Other versions of this item:
- Daniel M. G. Raff & Manuel Trajtenberg, 1996. "Quality-Adjusted Prices for the American Automobile Industry: 1906-1940," NBER Chapters, in: The Economics of New Goods, pages 71-108 National Bureau of Economic Research, Inc.
- Daniel M.G. Raff & Manuel Trajtenberg, 1995. "Quality-Adjusted Prices for the American Automobile Industry: 1906-1940," NBER Working Papers 5035, National Bureau of Economic Research, Inc.
- N6 - Economic History - - Manufacturing and Construction
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
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