By Jack Triplett
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Additional resources for Handbook on Hedonic Indexes and Quality Adjustments in Price Indexes: Special Application to Information Technology Products
Example text
30 Their modern standing stems from the work of Zvi Griliches (1961), who like Court estimated hedonic price indexes for automobiles. Hedonic indexes have been implemented in the statistical systems of a number of OECD countries, mainly for “high-tech” electronic goods and housing. A hedonic price index is any price index that makes use of a hedonic function. A hedonic function is a relation between the prices of different varieties of a product, such as the various models of personal computers, and the quantities of characteristics in them.
The agency estimates a previous period market price for the new computer out of the prices for options. Thus, est Pnt = Pmt + vmt, where vmt is the (old) option price of the option made standard. This implies: A5 = Pn,t+1 / est Pnt . The index is computed essentially by equation (1). Hoven (1999) presents option price quality adjustments for cars in the Dutch CPI. He follows the price history of one make and model of car in the Dutch CPI sample: Over ten years, its actual price rose over 80%, but option quality adjustments removed all by 10% of the increase from the index.
Griliches (1961) long ago noted that if the hedonic function is correctly specified, then the residuals should predict changes in market shares. Bargains should experience increasing market shares. Cowling and Cubbin (1971) explored this suggestion on the market for automobiles in the United Kingdom. 38 Waugh (1928) analysed residuals from his hedonic functions for vegetables. “Bargains” and “good buys” may exist alongside overpriced computers because people are not perfectly efficient shoppers.
