Hedonic Price Indexes With Unobserved Product Characteristics, and Application to Personal Computers
Hedonic Price Indexes With Unobserved Product Characteristics, and Application to Personal Computers
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具有未观察到的产品特征的特征价格指数及其在个人计算机中的应用
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
Patrick Bajari
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作者：
C. L. Benkard;Patrick Bajari
我们发现，特征价格指数可能是有偏见的，当不是所有的产品特性观察。我们得出两个主要来源的偏见。第一个来源是一个经典的选择问题，由于未观察到的特征值随时间的变化而产生。第二种是来自未观察到的特征的隐含价格的变化。接下来，我们表明可以使用因子分析方法的扩展在相当一般的假设下纠正偏差。我们测试我们的方法经验使用一个新的全面的每月数据集的桌面个人电脑系统。对于这些数据，我们发现，标准的享乐指数有一个轻微的向上偏置约1.4%，每年。我们还发现，省略一个重要的特征（CPU基准）会导致一个大的偏差，在指数与标准方法，但这种偏见基本上是消除时，建议的校正。
We show that hedonic price indexes may be biased when not all product characteristics are observed. We derive two primary sources of bias. The first source is a classical selection problem that arises due to changes over time in the values of unobserved characteristics. The second comes from changes in the implicit prices of unobserved characteristics. Next we show that the bias can be corrected for under fairly general assumptions using extensions of factor analysis methods. We test our methods empirically using a new comprehensive monthly dataset for desktop personal computer systems. For these data, we find that the standard hedonic index has a slight upward bias of approximately 1.4% per year. We also find that omitting an important characteristic (CPU benchmark) causes a large bias in the index with standard methods, but that this bias is essentially eliminated when the proposed correction is applied.