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Measuring Product Prices under Conditions of Quality Change: The Case of Passenger Cars in Greece

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  • Bitros, George C
  • Panas, Epaminondas E

Abstract

The envelope curve of the bid functions for car characteristics in Greece is used to analyze the relationship between nominal and quality-adjusted car prices for 1965-85. It is estimated using the Box-Cox flexible functional form technique in a modification of S. Rosen's hedonic price model. The authors find that quality-adjusted prices of imports from West Germany, France, Italy, and Japan decline d from 1965 to 1970 and increased continuously thereafter; the quality of cars from France, Italy, and, to a lesser extent, Japan responded favorably following the two oil shocks; and low-priced cars offer more quality for money. Copyright 1988 by Blackwell Publishing Ltd.

Suggested Citation

  • Bitros, George C & Panas, Epaminondas E, 1988. "Measuring Product Prices under Conditions of Quality Change: The Case of Passenger Cars in Greece," Journal of Industrial Economics, Wiley Blackwell, vol. 37(2), pages 167-186, December.
    • Handle: RePEc:bla:jindec:v:37:y:1988:i:2:p:167-86
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    Cited by:

    1. Anton Bondarev, 2008. "Evaluation of Demand Functions for foodstuffs in Russian Economy in 1999–2004," Research Paper Series, Gaidar Institute for Economic Policy, issue 118P, pages 166-166.
    2. Stéphane Jacobzonne & Edouard Martin & Vincent Perrin & Julien Werle, 1997. "Une approche hedonique de la formation des prix des médicaments remboursables," Économie et Prévision, Programme National Persée, vol. 129(3), pages 73-99.
    3. Bellak, Christian, 1992. "Towards A Flexible Concept of Competitiveness," Department of Economics Working Paper Series 13, WU Vienna University of Economics and Business.
    4. Douglas Cooper & David Greenaway & Anthony Rayner, 1993. "Intra-Industry trade and limited producer horizons: An empirical investigation," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 129(2), pages 345-366, June.

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