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Publication Detailed Description
Combining micro and macro data in hedonic price indexes
Journal Title
Statistical Methods and Applications
Year (definitive publication)
2017
Language
English
Country
Germany
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Abstract
This paper proposes arithmetic and geometric Paasche quality-adjusted price indexes that combine micro data from the base period with macro data on the averages of asset prices and characteristics at the index period. The suggested indexes have two types of advantages relative to traditional Paasche indexes: (i) simplification and cost reduction of data acquisition and manipulation; and (ii) potentially greater efficiency and robustness to sampling problems. A Monte Carlo simulation study and an empirical application concerning the housing market illustrate some of those advantages.
Acknowledgements
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Keywords
Paasche price index,Imputation hedonic method,Quality adjustment
Fields of Science and Technology Classification
- Mathematics - Natural Sciences
