Statistical Theory of Hedonic Price IndicesNo 1, DQE Working Papers from Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland Abstract: In the economic literature, essentially, hedonic techniques either are applied straightforwardly or the economic foundations of the hedonic hypothesis are discussed. In this paper, the statistical foundations of hedonic price indices are developed. After a short overview on well-known functional forms of hedonic equations, first, precise hedonic notions of a good and its price are specified. These specifications allow a clear-cut definition of true hedonic price indices. Then, the problem of estimating hedonic price indices is treated. It is shown, first, that the usual hedonic price index formulae result from estimating certain true indices in a special way and, second, that the techniques used in practice for estimating hedonic indices are just first approaches. Keywords: Hedonic regression; functional forms of hedonic equations; hedonic price of a good; true hedonic price index; true hedonic Laspeyres price index, true hedonic Paasche price index; true adjacent periods price index; estimated hedonic price indices (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: http://EconPapers.repec.org/RePEc:fri:dqewps:wp0001 Access Statistics for this paper More papers in DQE Working Papers from Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland |
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