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Econometric analysis of price index for home video cassette recorders in the U.S., 1978-1987

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  • Hiroshi Ohashi

Abstract

This paper conducts an empirical analysis on the U.S. VCR market using a hedonic approach. The paper finds that quality-adjusted price indices decline at 11-12% per year, with a large annual drop of about 18% from 1982-85. Estimation and data analysis reveal interesting aspects of the evolution of quality and price in the VCR market. As a result of the exclusion of the VCR category until 1986, the paper estimates a bias of 2.4% per year in the CPI electronics subindex.

Suggested Citation

  • Hiroshi Ohashi, 2003. "Econometric analysis of price index for home video cassette recorders in the U.S., 1978-1987," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 12(2), pages 179-197.
    • Handle: RePEc:taf:ecinnt:v:12:y:2003:i:2:p:179-197
    DOI: 10.1080/10438590303127
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    References listed on IDEAS

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    1. repec:ucp:bknber:9780226304557 is not listed on IDEAS
    2. S. J. Liebowitz & Stephen E. Margolis, 1994. "Network Externality: An Uncommon Tragedy," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 133-150, Spring.
    3. 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..
    4. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, June.
    5. 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.
    6. David, P.A., 2000. "Understanding Digital Technology's Evolution and the Path of Measured Productivity Growth: Present and Future in the Mirror of the Past," Papers 99-011, United Nations World Employment Programme-.
    7. Robert J. Gordon, 2000. "The Boskin Commission Report and its Aftermath," NBER Working Papers 7759, National Bureau of Economic Research, Inc.
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    Citations

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    Cited by:

    1. Hiroshi Ohashi, 2008. "How to Measure the Outcome of Innovations: Application to Product Innovations," CIRJE F-Series CIRJE-F-555, CIRJE, Faculty of Economics, University of Tokyo.
    2. Satoshi Nakano & Kazuhiko Nishimura, 2013. "Welfare gain from quality and price development in the Japan’s LCD TV market," Journal of Evolutionary Economics, Springer, vol. 23(4), pages 889-908, September.
    3. Kazuhiko Nishimura & Satoshi Nakano, 2011. "Measuring innovations in the Japanese LCD TVs using market data," Applied Economics Letters, Taylor & Francis Journals, vol. 18(10), pages 989-995.

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