The hedonic regression time-dummy method and the monotonicity axioms

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dc.contributor.author Melser, Daniel en_US
dc.contributor.editor en_US
dc.date.accessioned 2010-05-28T09:53:01Z
dc.date.available 2010-05-28T09:53:01Z
dc.date.issued 2005 en_US
dc.identifier 2009001904 en_US
dc.identifier.citation Melser Daniel 2005, 'The hedonic regression time-dummy method and the monotonicity axioms', American Statistical Association, vol. 23, no. 4, pp. 485-492. en_US
dc.identifier.issn 0735-0015 en_US
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. en_US
dc.language en_US
dc.publisher American Statistical Association en_US
dc.relation.isbasedon http://dx.doi.org/10.1198/073500104000000578 en_US
dc.title The hedonic regression time-dummy method and the monotonicity axioms en_US
dc.parent Journal of Business & Economic Statistics en_US
dc.journal.volume 23 en_US
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 140300 en_US
dc.personcode 108916 en_US
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.staffid en_US
dc.staffid 108916 en_US


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