期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2007
卷号：2007
出版社：Sydney
摘要：The hedonic imputation method can be used to construct price indexes over incompletely
matched varieties of products. We show how use of the hedonic imputation
method complicates the price index problem. In addition to choosing between different
formulas such as Fisher and T¨ornqvist, it is necessary to choose between different
varieties of each formula. This is because index compilers have a certain amount of discretion
over which prices are imputed. The choice of price index formula is also affected
by the functional form of the hedonic model. We show how some hedonic price indexes
have a dual representation in product and characteristics space. The importance of
these issues is illustrated in a housing context. We construct house price indexes for
three regions in Sydney over a three year period and explore the sensitivity of the results
to the way the hedonic imputation method is implemented.
