We propose a flexible hedonic methodology for computing house price indexes that uses multiple imputation (MI) to account for missing data (a huge problem in housing data sets). Ours is the first study to use MI in this context. We also allow for spatial correlation, include interaction terms...

Rapid price decreases for ICT-products in the 1990s have been largely attributed to the introduction of hedonic price indexes. Would hedonic price indexing also have large effects on measured price and productivity during earlier technological breakthroughs? This paper investigates the impact of...

As an application of the hedonic approach, this paper provides empirical evidence showing why the Japanese CPI has failed to account for quality changes in automobiles. The paper find first that, between 1990-94, quality-adjusted price index for automobiles declined 0.3% annually, while the...

Do indexes of house prices behave differently depending on the estimation method? If so, to what extent? To address these questions, we use a unique dataset that we compiled from individual listings in a widely circulated real estate advertisementmagazine. The dataset contains more than 470,000...

We analyze art pricing in a unique dataset on Madrid inventories between 1600 and 1750. Hedonic regressions reveal a number of interesting facts about the taste of Baroque Spanish collectors and the imports of foreign paintings. The hedonic price index shows an impressive increase in the price...

<Para ID="Par1">There is a broad discussion in the literature concerning various aspects of art as an investment, where the return on art assets has been of special interest, but so far there is little achievement in the analysis of the performance of art markets in various countries of the European Union. The...</para>

Economists have been noting for decades that Consumer Price Index (CPI) in the developed countries is overstating inflation by 0,5−2,0% per year. A significant part of the bias is due to the presence of technology products and differentiated products in the CPI basket. An increase share of...

Purpose – Residential property price indices (RPPI) are widely used to monitor trends. This article aims to pose the question as to whether the choice of methodology is significant or whether there are material differences in average prices, price trends, and market turning points between...

Prior to the 1960s most American economists rejected hedonic techniques as a solution to the problem of quality change in price indexes. I argue that behind that judgment lay a deeper conceptual divide over how best to define and assess product quality: through expert testing or through market...

We apply additive mixed regression models (AMM) to estimate hedonic price equations. Non-linear effects of continuous covariates as well as a smooth time trend are modeled non-parametrically through P-splines. Unobserved district-specific heterogeneity is modeled in two ways: First, by location...