Hedonic Price Indexes: A Comparison of Imputation, Time Dummy and ’Re-Pricing’ Methods
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Jan de Haan
Summary
The main approaches to measuring hedonic indexes in the academic literature are the imputation approach and the time dummy approach. This paper compares both approaches, discusses an alternative method called hedonic re-pricing, and comments on a recent contribution by Diewert et al. (2009). The aim is to explain the differences between the various hedonic approaches as well as their similarities, and to point to the implications for statistical agencies. Hedonic price indexes can be weighted or unweighted and the paper addresses the issue of choice of regression weights. For unweighted indexes it is shown that the ’full’ hedonic imputation approach and the time dummy approach implicitly leave the matched part of the indexes unaffected, just like ’single’ and ’double’ hedonic imputation do explicitly.
© 2010 by Lucius & Lucius, Stuttgart
Articles in the same Issue
- Titelei
- Inhalt des 230. Bandes
- Die Gutachter zum 230. Jahrgang der Jahrbücher für Nationalökonomie und Statistik (01.01.2010 bis 31.12.2010)
- Inhalt / Contents
- Introduction to the Special Issue on Index Number Theory and Price Statistics
- Abhandlungen / Original Papers
- Drobisch’s Legacy to Price Statistics
- Notes on Unit Value Index Bias
- Aggregate Indices and Their Corresponding Elementary Indices
- Lowe and Cobb-Douglas Consumer Price Indices and their Substitution Bias
- Reconsideration of Weighting and Updating Procedures in the US CPI
- User Costs versus Waiting Services and Depreciation in a Model of Production
- Hedonic Price Indexes: A Comparison of Imputation, Time Dummy and ’Re-Pricing’ Methods
- Housing Prices in Tokyo: A Comparison of Hedonic and Repeat Sales Measures
- Regional Consumer Price Differences Within Germany
- Buchbesprechungen / Book Reviews
Articles in the same Issue
- Titelei
- Inhalt des 230. Bandes
- Die Gutachter zum 230. Jahrgang der Jahrbücher für Nationalökonomie und Statistik (01.01.2010 bis 31.12.2010)
- Inhalt / Contents
- Introduction to the Special Issue on Index Number Theory and Price Statistics
- Abhandlungen / Original Papers
- Drobisch’s Legacy to Price Statistics
- Notes on Unit Value Index Bias
- Aggregate Indices and Their Corresponding Elementary Indices
- Lowe and Cobb-Douglas Consumer Price Indices and their Substitution Bias
- Reconsideration of Weighting and Updating Procedures in the US CPI
- User Costs versus Waiting Services and Depreciation in a Model of Production
- Hedonic Price Indexes: A Comparison of Imputation, Time Dummy and ’Re-Pricing’ Methods
- Housing Prices in Tokyo: A Comparison of Hedonic and Repeat Sales Measures
- Regional Consumer Price Differences Within Germany
- Buchbesprechungen / Book Reviews
