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Valuing quality

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  • Laura Blow

    ()
    (Institute for Fiscal Studies)

  • Ian Crawford

    ()
    (Institute for Fiscal Studies and University of Oxford)

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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Bibliographic 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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  1. Robinson, Peter M, 1988. "Root- N-Consistent Semiparametric Regression," Econometrica, Econometric Society, vol. 56(4), pages 931-54, July.
  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.
  3. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  4. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
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