Quality Adjustment and Hedonics: A Unified Approach

Walter Diewert

Microeconomics.ca working papers from Vancouver School of Economics

Abstract: The paper takes a consumer demand perspective to the problem of adjusting product prices for quality change. The various approaches to the problem of quality adjustment can be seen as special cases of the general framework. The special cases include the use of inflation adjusted carry forward and carry backward prices, the use of hedonic regressions and the estimation of Hicksian reservation prices.

Keywords: Quality adjustment; hedonic regressions; reservation prices; consumer theory; time product dummy regressions; scanner data (search for similar items in EconPapers)
JEL-codes: C43 C81 E31 (search for similar items in EconPapers)
Pages: 79 pages
Date: 2019-02-08, Revised 2019-03-14
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ubc:pmicro:erwin_diewert-2019-2

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