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In this chapter, Andrew Sharpe provides a comprehensive non-technical introduction to the productivity issue, including discussion of productivity concepts, measurement issues, trends and prospects. He begins by noting that productivity is the relationship between the output of goods and...
Persistent link: https://www.econbiz.de/10005650208
Hedonic methods are a prominent approach in the construction of quality-adjusted price indexes. This paper shows that the process of computing such indexes is substantially simplified if arithmetic (geometric) price indexes are computed based on exponential (log-linear) hedonic functions...
Persistent link: https://www.econbiz.de/10010734898
Disequilibrium in the housing market can be detected by comparing the actual price-rent ratio with its equilibrium counterpart obtained from the user-cost condition. Empirical implementation of this idea, however, is problematic because of quality differences between sold and rented dwellings....
Persistent link: https://www.econbiz.de/10010747423
We offer the first direct evidence of an implicit contract in a goods market. The evidence comes from the market for Coca-Cola. We demonstrate that the Coca-Cola Company left a written evidence of its implicit contract with its consumers—a very explicit form of an implicit contract. The...
Persistent link: https://www.econbiz.de/10010687026
Departures of the housing market from equilibrium can be detected by comparing the actual price-rent ratio with the user cost of owner occupying. Empirical implementation of this idea, however, is problematic for two reasons. First, the price-rent ratio needs to be quality adjusted. Second, the...
Persistent link: https://www.econbiz.de/10010603697
Departures of the housing market from equilibrium can be detected by comparing the actual price-rent ratio with the user cost of owner occupying. Empirical implementation of this idea, however, is problematic for two reasons. First, the price-rent ratio needs to be quality adjusted. Second, the...
Persistent link: https://www.econbiz.de/10010663573
The main approaches to measuring hedonic indexes in the academic literature are the imputation approach and the time dummy approach. This paper compares both approaches, discusses an alternative method called hedonic re-pricing, and comments on a recent contribution by Diewert et al. (2009). The...
Persistent link: https://www.econbiz.de/10008765946
Both the theory and practice of using hedonic regressions to quality adjust inflation estimates are implicitly developed for monopolistic competitive markets. We demonstrate conditions required for consistent OLS estimation of hedonic regression for an oligopoly. To reflect firm heterogeneity,...
Persistent link: https://www.econbiz.de/10008867287
In this Paper we propose an alternative to traditional hedonics for estimating new multiunit housing inflation, adjusting for quality changes. By relying on the within-site variation we control in a very general way for unobserved housing characteristics using site-specific effects. Precise...
Persistent link: https://www.econbiz.de/10005114200
We offer the first direct evidence of an implicit contract in a goods market. The evidence comes from the market for Coca-Cola. We demonstrate that the Coca-Cola Company left a written evidence of its implicit contract with its consumers—a very explicit form of an implicit contract. The...
Persistent link: https://www.econbiz.de/10011257711