Price-Quality Relations and Hedonic Price Indexes for Cars in the United Kingdom

Jonathan Murray · Nicholas Sarantis

58 citations0/0 files storedInternational Journal of the Economics of Business

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Abstract

The main objective of this paper is to employ a complete set of panel data on UK car characteristics to estimate a hedonic car price model. This enables us to examine price differences between various car models in terms of variations in individual car characteristics.We also pay greater attention to the specification of the hedonic price model than previous studies, as shown by the wide range of diagnostics reported. A second objective of the paper is to utilise the estimates of the hedonic price model to construct a hedonic price index for cars, which allows us to investigate the increase of car prices due to quality and non-quality factors.

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References

1976Exact and superlative index numbers 1921Survey of current business 1987Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products 1988On the Choice of Funtional Form for Hedonic Price Functions 1971Price Indexes and Quality Change 1991The Measurement of Durable Goods Prices.1984Estimating the Demand for the Characteristics of Housing 1990The Measurement of Durable Goods Prices

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