The hedonic regression time-dummy method and the monotonicity axioms

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dc.contributor.author Melser, D
dc.date.accessioned 2010-05-28T09:53:01Z
dc.date.issued 2005-01
dc.identifier.citation Journal of Business & Economic Statistics, 2005, 23 (4), pp. 485 - 492
dc.identifier.issn 0735-0015
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/9943
dc.description.abstract This article demonstrates that the well-known and much applied hedonic regression time-dummy method, used to construct quality-adjusted price indexes, fails the monotonicity axioms from index theory. The article outlines the hedonic time-dummy method and defines the monotonicity axioms in this context. A simple numerical example is used to illustrate the failure of monotonicity. The reasons for this failure are identified and discussed. The frequency of the violation of monotonicity is considered in general and investigated for a particular dataset. The article concludes by considering the seriousness of the failure of monotonicity and briefly discusses an alternative hedonic method that satisfies monotonicity.
dc.publisher American Statistical Association
dc.relation.isbasedon 10.1198/073500104000000578
dc.title The hedonic regression time-dummy method and the monotonicity axioms
dc.type Journal Article
dc.parent Journal of Business & Economic Statistics
dc.journal.volume 4
dc.journal.volume 23
dc.journal.number 4 en_US
dc.publocation US en_US
dc.identifier.startpage 485 en_US
dc.identifier.endpage 492 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 1403 Econometrics
dc.personcode 108916
dc.percentage 100 en_US
dc.classification.name Econometrics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Axiomatic approach; Price index; Quality change; Test approach. en_US
dc.description.keywords Axiomatic approach
dc.description.keywords Price index
dc.description.keywords Quality change
dc.description.keywords Test approach.
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Economics
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)


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