Bias and inefficiency in quality-adjusted hedonic regression analysis
Numerous quality-adjusted hedonic price-trend studies based on computer prices have provided support to widely held suspicions that officially released price indices are not accurately measuring the price declines occurring in many information technology (IT) products. If provable, then general price inflation is being overestimated and, consequently, real GDP is being underestimated. Existing evidence, however, is inconclusive. First, empirical findings for IT products other than computers are essentially non-existent and, secondly, estimation bias is inherent in the hedonic regression technique most commonly employed. This article presents an unbiased method together with an estimated quality-adjusted price trend for laser printers (1993-2004).
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Volume (Year): 39 (2007)
Issue (Month): 1 ()
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References listed on IDEAS
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- Thanasis Stengos & Eleftherios Zaharias, 2002.
"Intertemporal Pricing and Price Discrimination: A Semiparametric Hedonic Analysis of the Personal Computer Market,"
University of Cyprus Working Papers in Economics
0211, University of Cyprus Department of Economics.
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- Stengos, T. & Zacharias, E., 2003. "Intertemporal Pricing and Price Discrimination: A Semiparametric Hedonic Analysis of the Personal Computer Market," Working Papers 2003-9, University of Guelph, Department of Economics and Finance.
- Ernst R. Berndt & Zvi Griliches, 1990.
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NBER Working Papers
3378, National Bureau of Economic Research, Inc.
- Ernst R. Berndt & Zvi Griliches, 1993. "Price Indexes for Microcomputers: An Exploratory Study," NBER Chapters, in: Price Measurements and Their Uses, pages 63-100 National Bureau of Economic Research, Inc.
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