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

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Author Info
Zvi Griliches

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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.

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

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Date of creation: Jun 1988
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Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.
Handle: RePEc:nbr:nberwo:2634

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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. Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(1986-2), pages 285-338. [Downloadable!]
  2. Muellbauer, John, 1974. "Household Production Theory, Quality, and the "Hedonic Technique."," American Economic Review, American Economic Association, vol. 64(6), pages 977-94, December. [Downloadable!] (restricted)
  3. Makoto Ohta & Zvi Griliches, 1976. "Automobile Prices Revisited: Extensions of the Hedonic Hypothesis," NBER Chapters, in: Household Production and Consumption, pages 325-398 National Bureau of Economic Research, Inc. [Downloadable!]
  4. Bartik, Timothy J. & Smith, V. Kerry, 1987. "Urban amenities and public policy," Handbook of Regional and Urban Economics, in: E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 2, chapter 31, pages 1207-1254 Elsevier. [Downloadable!] (restricted)
  5. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February. [Downloadable!] (restricted)
  6. Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January. [Downloadable!] (restricted)
  7. Morrison, Catherine J, 1985. "On the Economic Interpretation and Measurement of Optimal Capacity Utilization with Anticipatory Expectations," Review of Economic Studies, Blackwell Publishing, vol. 52(2), pages 295-310, April. [Downloadable!] (restricted)
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  8. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  9. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132. [Downloadable!] (restricted)
  10. Zvi Griliches, 1964. "Notes on the Measurement of Price and Quality Changes," NBER Chapters, in: Models of Income Determination, pages 381-418 National Bureau of Economic Research, Inc. [Downloadable!]
  11. Kahn, James A, 1986. "Gasoline Prices and the Used Automobile Market: A Rational Expectations Asset Price Approach," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 323-39, May. [Downloadable!] (restricted)
  12. Lucas, Robert E B, 1975. "Hedonic Price Functions," Economic Inquiry, Oxford University Press, vol. 13(2), pages 157-78, June.
  13. Robert J. Gordon, 1983. "Energy Efficiency, User Cost Changes, and the Measurement of Durable Goods Prices," NBER Working Papers 0408, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  14. Daniel McFadden, 1977. "Modelling the Choice of Residential Location," Cowles Foundation Discussion Papers 477, Cowles Foundation, Yale University. [Downloadable!]
  15. 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, vol. 33(1-2), pages 7-29. [Downloadable!] (restricted)
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  1. Mick Silver & Saeed Heravi, 2002. "A Failure in the measurement of inflation: results from a hedonic and matched experiment using scanner data," Working Paper Series 144, European Central Bank. [Downloadable!]
    Other versions:
  2. Donald Siegel, 1991. "Errors in Output Deflators Revisited: Unit Values and the PPI," NBER Working Papers 3935, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Finn R. Førsund & Roberto Zanola, 2001. "Selling Picasso paintings: the efficiency of auction houses," ICER Working Papers 07-2001, ICER - International Centre for Economic Research. [Downloadable!]
  4. Christos Ioannidis & Mick Silver, 2003. "Chained, exact and superlative hedonic price changes: estimates from microdata," Applied Economics, Taylor and Francis Journals, vol. 35(9), pages 1005-1014, January. [Downloadable!] (restricted)
  5. Angelo Zago, 2004. "Quality Production and Quality Indicators in Intermediate Products," Working Papers 16, Università di Verona, Dipartimento di Scienze economiche. [Downloadable!]
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