A Practical Guide To Price Index And Hedonic Techniques
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A Practical Guide to Price Index and Hedonic Techniques
This book provides an accessible guide to price index and hedonic techniques, with a focus on how to best apply these techniques and interpret the resulting measures. One goal of this book is to provide first-hand experience at constructing these measures, with guidance on practical issues such as what the ideal data would look like and how best to construct these measures when the data are less than ideal. A related objective is to fill the wide gulf between the necessarily simplistic elementary treatments in textbooks and the very complex discussions found in the theoretical and empirical measurement literature. Here, the theoretical results are summarized in an intuitive way and their numerical importance is illustrated using data and results from existing studies. Finally, while the aim of much of the existing literature is to better understand official price indexes like the Consumer Price Index, the emphasis here is more practical: to provide the needed tools for individuals to apply these techniques on their own. As new datasets become increasingly accessible, tools like these will be needed to obtain summary price measures. Indeed, these techniques have been applied for years in antitrust cases that involve pricing, where economic experts typically have access to large, granular datasets.
A Practical Guide to Price Index and Hedonic Techniques
Author: Ana Aizcorbe
language: en
Publisher: Oxford University Press (UK)
Release Date: 2014
An accessible text introducing methods that are used to measure price trends for specific industries or goods. The focus is on price index and hedonic techniques, the two methods most widely used by researchers and industry practitioners.
The Application of Hedonic Methods in Quality-Adjusted Price Indices
Author: Anna Król
language: en
Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Release Date: 2020-06-01
The measurement of price dynamics is by no means new endeavourin the official statistics but the process of establishing accurate price changes in time still remains challenging in many areas. One such demanding field is the application of appropriate techniques in price index development for providing amendments reflecting quality differences which might occur in the compared commodities. The book presents results of research on the applicability of hedonic methods in adjusting price indices to changes in the goods quality and test the techniques used for hedonic price indices construction using the data sets for various groups of heterogeneous goods, including used automobiles, appartments, household appliances and ICT goods.