The application of hedonic methods in quality-adjusted price indices

Anna Król

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ISBN/ISSN:

978-83-7695-790-6

DOI:

Wydawnictwo:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Rok wydania:

2020

Liczba stron:

133

XML:ISBN/ISSN:

ONIX MARC21

Bibliografia:

Król, Anna. The application of hedonic methods in quality-adjusted price indices. Red. . : Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, 2020, 133 s. ISBN 978-83-7695-790-6

Bibliografia refWorks:

RT Book, Whole

SR Electronic(1)

A1 Król, A.

T1 The application of hedonic methods in quality-adjusted price indices

PB Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

YR 2020

SN 978-83-7695-790-6

Bibliografia BibTex:

@Book{ 242320, author = "Król, Anna", editor = "", title = "The application of hedonic methods in quality-adjusted price indices", publisher = "Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu", year = "2020", address = "", isbn = "978-83-7695-790-6" }

Bibliografia endNote:

TY - BOOK

AU - Król, Anna

ED -

TI - The application of hedonic methods in quality-adjusted price indices

PB - Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

CY -

PY - 2020

SN - 978-83-7695-790-6

ER -

Netografia (standard APA):

Król, Anna. The application of hedonic methods in quality-adjusted price indices [baza danych online] : Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, 2020 [dostęp: 20 04 2024]. Dostęp w Ibuk Libra: https://libra.ibuk.pl/reader/the-application-of-hedonic-methods-in-quality-adjusted-price-indices-anna-krol-242320.

hedonic indices, household apliances market, secondary apartments market, car market

The measurement of price dynamics is by no means new endeavour in 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 approp...

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ISBN/ISSN:

978-83-7695-790-6

DOI:

Wydawnictwo:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Rok wydania:

2020

Liczba stron:

133

XML:ISBN/ISSN:

ONIX MARC21

Preface8
1. Hedonic price methods10
1.1. Introduction10
1.2. Hedonic model and its applications11
1.3. Research motivation13
1.4. Hedonic price indices14
1.5. The infrastructure for data collection20
1.6. Data sets25
1.7. Methodological notes26
2. Hedonic indices on ICT/IT goods and consumer electronics markets 31
2.1. Introduction31
2.2. Preliminary commodities selection31
2.3. Hedonic indices for TV sets41
2.4. Hedonic indices for laptop computers48
2.5. Hedonic indices for smartphones55
3. Hedonic indices on household appliances markets 63
3.1. Introduction63
3.2. Preliminary commodities selection63
3.3. Hedonic indices for coffee makers69
3.4. Hedonic indices for refrigerators75
4. Hedonic indices on secondary apartments markets80
4.1. Introduction80
4.2. Datasets80
4.3. Hedonic price indices for apartments in Kraków81
4.4. Comparison of hedonic indices for apartments in Polish cities85
5. Hedonic indices on used cars markets87
5.1. Introduction87
5.2. Datasets88
5.3. Hedonic price indices for used hatchback cars89
5.4. Comparison of hedonic indices for various types of used automobiles93
Final notes95
Appendices98
References124
List of figures130
List of tables132

1.Hedonicpricemethods

Apartfromtheabove-mentionedfunctionsmixedapproachesarealsoquite

commonlyapplied.Insuchcasessomeoftheindependentvariablesinthe

hedonicmodelarelinearandsomelogarithmic,dependingontheirtypeand

therelationshipwiththedependentvariable(inparticular,binaryvariablesdue

totheirnaturecannotbetransformedtologarithms).Alltheabove-mentioned

functionsarelinearinrespectofvariablesandparametersorcanbeeasily

transformedtolinearform,andthereforesimpleestimationmethods,suchas

theLeastSquaresmethod,maybeapplied.

Hedonicmodelshaveawidevarietyofapplicationfields.Firstofall,theestimate

ofthevectorofparametersβobtainedbyestimationofcorrectlyspecified

hedonicregressionmodelusingsufficientlylargedatasetallowsforcalculating

theoreticalpriceofagivengoodwithspecifiedsetofsignificantcharacteristics.

Thispropertyofhedonicmodels(i.e.,thepossibilitytoestimatethepriceandto

controlthequalityatthesametime)iscrucialfortheirapplicationinproviding

“true”pricechangeandadjustingpriceindicesinofficialstatistics.

Otherapplicationfieldsincludeestablishingthemarketvaluesofcommodities

(especiallyrealestates),aswellasestimatinghedonicpricesofgoods

characteristics.Thelatterisespeciallybeneficialincasesofattributesprices

whicharenotdirectlyobservableonthemarket(forexamplethebrand4).Yet

anotherimportantapplicationofhedonicmodelswasproposedbyJ.Dziechciarz

;2004b]whosuggestedjoinedapplicationofhedonictechniquesandconjoint

measurementanalysisfortheevaluationofconsumerpreferences.Theresults

obtainedinsuchawaymightbeusedintheprocessofconsumersclassification

(marketsegmentation),designingtheproductforvarioussegments,aswellasthe

formulationofpricingstrategyadequateforeachofthemarketsegments.This

ideawaslaterexploredandfurtherextendedintoothermultivariatestatistical

techniquessuchasmultidimensionalscaling,clustering,andlinearordination

[Dziechciarz-Duda,Król2014a,b,2017b;Dziechciarzetal.2018].

1.3.Researchmotivation

Themethodologicalandempiricalresearchinthefieldsofhedonicpriceindices

andqualityadjustmentsarenumerous.5However,considerabledeficiencies

stillexistespeciallyintheareasofapplicabilityconditionsanalysesand

investigationofproblemsinhedonicpriceindicesconstruction(see,e.g.,[von

Theapplicationofhedonicmodelsandothermultivariatestatisticalanalysismethods

suchasmultidimensionalscaling,classificationandlinearordinationforthevaluationof

brandsisdescribedin[Dziechciarz-Duda,Król2017a].

Theinterestedreadermayfindexhaustiveliteraturereviewin[Aizcorbe2014].

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