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The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes

Heravi, Saeed and Silver, Mick 2007. The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes. Journal of Business & Economic Statistics 25 (2) , pp. 239-246. 10.1198/073500106000000486

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Abstract

Statistical offices try to match item models when measuring inflation between two periods. However, for product areas with a high turnover of differentiated models, the use of hedonic indexes is more appropriate, because these include the prices and quantities of unmatched new and old models. The two main approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (DTH) indexes. This study provides a formal analysis of the difference between the two approaches for alternative implementations of the Törnqvist “superlative” index. It shows why the results of the HI and DTH indexes may differ and discusses the issue of choice between these two approaches.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
ISSN: 15372707
Last Modified: 04 Jun 2017 01:46
URI: http://orca-mwe.cf.ac.uk/id/eprint/2580

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