Hedonic price functions

Lars Nesheim

No CWP18/06, CeMMAP working papers from Centre for Microdata Methods and Practice, Institute for Fiscal Studies

Abstract: A hedonic price function describes the equilibrium relationship between characteristics of a product and its price. They are used to predict prices of new goods, to adjust for quality change in price indexes, and to measure consumer and producer valuations of differentiated products. They emerge as market outcomes from both competitive and non-competitive markets. The functional form is determined by the distribution of buyers and their preferences, the distribution of sellers and their costs, and the structure of competition in the market.

Pages: 28 pp.
Date: 2006-09-25
New Economics Papers: this item is included in nep-com, nep-cul, nep-mic, nep-mkt and nep-ure
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Citations: View citations in EconPapers (6)

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