A Practical Guide to Price Index and Hedonic Techniques

Hardcover | July 12, 2014

byAna M. Aizcorbe

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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 issuessuch 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 numericalimportance 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 increasinglyaccessible, 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.

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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 issuessuch as what the ideal data would look like and...

Ana M. Aizcorbe is the Chief Economist at the US Bureau of Economic Analysis. At BEA, Dr Aizcorbe conducts research on the measurement of inflation, with a particular emphasis on the health and information technology sectors. Prior to joining the research staff at BEA, she conducted research related to productivity and pricing issues ...

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Format:HardcoverDimensions:160 pages, 9.21 × 6.14 × 0.98 inPublished:July 12, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198702426

ISBN - 13:9780198702429

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Table of Contents

1. Introduction2. Price Indexes3. Hedonic Methods4. Defining the Good and Data Issues5. ConclusionsData SourcesBibliography of Empirical Price Measurement Studies by IndustryBibliography