Measuring Product Prices Under Conditions of Quality Change: The Case of Passenger Cars in Greece

Abstract

The envelope curve of the bid functions for car characteristics in Greece is used to analyze the relationship between nominal and quality-adjusted car prices for 1965-85. It is estimated using the Box-Cox flexible functional form technique in a modification of S. Rosen's hedonic price model. The authors find that quality-adjusted prices of imports from West Germany, France, Italy, and Japan decline d from 1965 to 1970 and increased continuously thereafter; the quality of cars from France, Italy, and, to a lesser extent, Japan responded favorably following the two oil shocks; and low-priced cars offer more quality for money. Copyright 1988 by Blackwell Publishing Ltd.

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