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Valuing quality

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Author Info
Laura Blow () (Institute for Fiscal Studies)
Ian Crawford () (Institute for Fiscal Studies and University of Oxford)

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Abstract

This paper uses revealed preference restrictions and nonparametric statistical methods to bound a quality-constant price series for a good that changes quality over time. Unlike the more usual hedonic regression techniques for estimating quality-adjusted prices, this method does not require us to observe the changing characteristics of the good or to assume a particular functional relationship between these characteristics and quality. To place a bound on quality change using revealed preference conditions we assume that preferences are stable over time, that quality change occurs in one good or group of goods and that the direction of quality change is known.

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File URL: http://www.ifs.org.uk/wps/wp9921.pdf
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Publisher Info
Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W99/21.

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Length: 42 pp.
Date of creation: Jun 1999
Date of revision:
Handle: RePEc:ifs:ifsewp:99/21

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Find related papers by JEL classification:
C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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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. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July. [Downloadable!] (restricted)
  2. Muellbauer, John, 1975. "The cost of living and taste and quality change," Journal of Economic Theory, Elsevier, vol. 10(3), pages 269-283, June. [Downloadable!] (restricted)
  3. Robinson, Peter M, 1988. "Root- N-Consistent Semiparametric Regression," Econometrica, Econometric Society, vol. 56(4), pages 931-54, July. [Downloadable!] (restricted)
  4. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May. [Downloadable!] (restricted)
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