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Hedonic index : ウィキペディア英語版
Hedonic index

In econometrics, a hedonic index is any price index which uses information from hedonic regression, which describes how product price could be explained by the product's characteristics. Hedonic price indexes have proved to be very useful when applied to calculate price indices for information and communication products (e.g. personal computers) and housing,〔(Hill, R. “Hedonic Price Indexes for Housing” ), OECD Statistics Working Papers , 2011/01, OECD Publishing.〕 because they can successfully mitigate problems such as those that arise from there being new goods to consider and from rapid changes of quality.
==Motivation==

In the last two decades considerable attention has been drawn to the methods of computing price indexes. The Boskin Commission in 1996 asserted that there were biases in the price index: traditional matched model indexes can substantially overestimate inflation, because they are not able to measure the impact of peculiarities of specific industries such as fast rotation of goods, huge quality differences among products on the market, and short product life cycle. The Commission showed that the usage of matched model indexes (traditional price indexes) leads to an overestimation of inflation by 0.6% per year in the US official CPI (CPI-U). Information and Communications Technology (ICT) products led both to an increase in capital stock and labor productivity growth (Bosworth and Triplett, 2001). Similar results were obtained by Crawford for Canada,〔(Crawford, Allan, ”Measurement biases in the Canadian CPI: An update?” ), English and French, Bank of Canada Review, Spring, 1998, pp. 38-56.〕 by Shiratsuka for Japan,〔(Shiratsuka, Shigenori, ”Measurement errors in Japanese Consumer Price Index” ), Federal Reserve Bank of Chicago, February 1, 1999〕 and by Cunningham for the UK.〔(Cunningham, Alastair, ”Measurement Bias in Price Indexes: An Application to the UKs RPI” ), Bank of England, Publications, Working Papers, 1996, No. 47.〕 By reversing hedonic methodology, and pending further disclosure from commercial sources, bias has also been enumerated annually over five decades, for the U.S.A.〔 Farrell C.J. 'Commercial Knowledge On Innovation Economics' A Report, p8 ()〕
Quality adjustments are also important for understanding national accounts deflators (see GDP deflator). In the USA, for example, growth acceleration after 1995 was driven by the increased investment in ICT products that lead both to an increase in capital stock and labor productivity growth (Bosworth and Triplett, 2001). This increases the complexity of international comparisons of deflators. Wyckoff 〔(Wyckoff, Andrew W., ”The Impact of Computer Prices on International Comparisons of Labour Productivity” ), Economics of Innovation and New Technology, 1995, Vol. 3 Issue 3-4, pp. 277-93〕 and Eurostat〔Eurostat Task Force, ”Volume Measures for Computers and Software”, June, 1999〕 show that there is a huge dispersion in ICT deflators in OECD and European countries, accordingly.
These differences are so huge that it cannot be explained by any means of market conditions, regulation, etc. As both studies suggest, most of the discrepancy comes from the differences in quality adjustment procedures across countries and that, in turn, makes international comparison of investment in ICT impossible (as it is calculated through deflation). This also makes it difficult to compare the impact of ICT on economies (countries, regions, etc.) that use different methods to compute GDP numbers.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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