Advanced Search
MyIDEAS: Login to save this paper or follow this series

Hedonic Price Indexes and the Measurement of Capital and Productivity: Some Historical Reflections

Contents:

Author Info

  • Zvi Griliches

Abstract

The paper describes the background for my original "hedonics" paper (Griliches 1961) and discusses some of the issues raised by the subsequent literature on this range of topics. It goes on to consider some of the implications of this work for the measurement of capital services and connects it to the Jorgenson-Griliches (1967) paper on the "explanation of productivity change." It reviews the criticisms made against that paper, especially the use of a utilization adjustment, and fin& itself, perhaps unsurprisingly, still in sympathy with its major thrust. It also cautions against interpreting the recent slowdown in the growth of total factor productivity as implying, necessarily, a parallel slowdown in the technological potential of the economy.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.nber.org/papers/w2634.pdf
Download Restriction: no

Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2634.

as in new window
Length:
Date of creation: Jun 1988
Date of revision:
Publication status: published as "Fifty Years of Economic Measurement: the Jubilee of the Conference on Research in Income and Wealth," Studies in Income and Wealth, Vol 54, eds. E. Berndt and J. Triplett, pp. 185-202. Chicago: University of Chicago Press, 1991.
Handle: RePEc:nbr:nberwo:2634

Note: PR
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Phone: 617-868-3900
Email:
Web page: http://www.nber.org
More information through EDIRC

Related research

Keywords:

Other versions of this item:

References

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.:
as in new window
  1. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, Econometric Society, vol. 45(1), pages 1-22, January.
  2. Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
  3. Daniel McFadden, 1977. "Modelling the Choice of Residential Location," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 477, Cowles Foundation for Research in Economics, Yale University.
  4. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 132.
  5. Zvi Griliches, 1964. "Notes on the Measurement of Price and Quality Changes," NBER Chapters, National Bureau of Economic Research, Inc, in: Models of Income Determination, pages 381-418 National Bureau of Economic Research, Inc.
  6. Robert J. Gordon, 1982. "Energy Efficiency, User-Cost Change, and the Measurement of Durable Goods Prices," NBER Chapters, National Bureau of Economic Research, Inc, in: The U.S. National Income and Product Accounts: Selected Topics, pages 205-268 National Bureau of Economic Research, Inc.
  7. Makoto Ohta & Zvi Griliches, 1976. "Automobile Prices Revisited: Extensions of the Hedonic Hypothesis," NBER Chapters, National Bureau of Economic Research, Inc, in: Household Production and Consumption, pages 325-398 National Bureau of Economic Research, Inc.
  8. Morrison, Catherine J, 1985. "On the Economic Interpretation and Measurement of Optimal Capacity Utilization with Anticipatory Expectations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 52(2), pages 295-310, April.
  9. Berndt, Ernst R. & Fuss, Melvyn A., 1986. "Productivity measurement with adjustments for variations in capacity utilization and other forms of temporary equilibrium," Journal of Econometrics, Elsevier, Elsevier, vol. 33(1-2), pages 7-29.
  10. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(1), pages 59-80, February.
  11. Timothy J. Bartik & V. Kerry Smith, 1996. "Urban Amenities and Public Policy," Book chapters authored by Upjohn Institute researchers, W.E. Upjohn Institute for Employment Research, in: V. Kerry Smith (ed.), Estimating Economic Values for Nature: Methods for Non-Market Valuation, pages 271-318 W.E. Upjohn Institute for Employment Research.
  12. Miller, Edward M, 1983. "Capital Aggregation in the Presence of Obsolescence-Inducing Technical Change," Review of Income and Wealth, International Association for Research in Income and Wealth, International Association for Research in Income and Wealth, vol. 29(3), pages 283-96, September.
  13. Kahn, James A, 1986. "Gasoline Prices and the Used Automobile Market: A Rational Expectations Asset Price Approach," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 101(2), pages 323-39, May.
  14. Muellbauer, John, 1974. "Household Production Theory, Quality, and the "Hedonic Technique."," American Economic Review, American Economic Association, American Economic Association, vol. 64(6), pages 977-94, December.
  15. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  16. Lucas, Robert E B, 1975. "Hedonic Price Functions," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 13(2), pages 157-78, June.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Robert C. Feenstra, 1995. "Exact Hedonic Price Indexes," NBER Working Papers 5061, National Bureau of Economic Research, Inc.
  2. Finn R. Førsund & Roberto Zanola, 2001. "Selling Picasso paintings: the efficiency of auction houses," ICER Working Papers, ICER - International Centre for Economic Research 07-2001, ICER - International Centre for Economic Research.
  3. Silver, Mick & Heravi, Saeed, 2005. "A Failure in the Measurement of Inflation: Results From a Hedonic and Matched Experiment Using Scanner Data," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 23, pages 269-281, July.
  4. Angelo Zago, 2004. "Quality Production and Quality Indicators in Intermediate Products," Working Papers, University of Verona, Department of Economics 16, University of Verona, Department of Economics.
  5. Donald Siegel, 1991. "Errors in Output Deflators Revisited: Unit Values and the PPI," NBER Working Papers 3935, National Bureau of Economic Research, Inc.
  6. Christos Ioannidis & Mick Silver, 2003. "Chained, exact and superlative hedonic price changes: estimates from microdata," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(9), pages 1005-1014.
  7. Robert C. Feenstra, 1993. "Measuring the Welfare Effect of Quality Change: Theory and Application of Japanese Autos," NBER Working Papers 4401, National Bureau of Economic Research, Inc.
  8. Juan A. Cañada Vicinay, 1997. "Les équations hédoniques de salaire et la perception subjective des conditions de travail," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 131(5), pages 155-174.
  9. Maryellen R. Kelley & Cynthia R. Cook, 1998. "The Institutional Context and Manufacturing Performance: The Case of the U.S. Defense Industrial Network," NBER Working Papers 6460, National Bureau of Economic Research, Inc.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:2634. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.