4.1 Article

Combining micro and macro data in hedonic price indexes

Journal

STATISTICAL METHODS AND APPLICATIONS
Volume 26, Issue 2, Pages 317-332

Publisher

SPRINGER HEIDELBERG
DOI: 10.1007/s10260-016-0367-6

Keywords

Paasche price index; Imputation hedonic method; Quality adjustment

Funding

  1. Fundacao para a Ciencia e a Tecnologia [PTDC/EGE-ECO/119148/2010, UID/ECO/04007/2013]
  2. Fundação para a Ciência e a Tecnologia [PTDC/EGE-ECO/119148/2010] Funding Source: FCT

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This paper proposes arithmetic and geometric Paasche quality-adjusted price indexes that combine micro data from the base period with macro data on the averages of asset prices and characteristics at the index period. The suggested indexes have two types of advantages relative to traditional Paasche indexes: (i) simplification and cost reduction of data acquisition and manipulation; and (ii) potentially greater efficiency and robustness to sampling problems. A Monte Carlo simulation study and an empirical application concerning the housing market illustrate some of those advantages.

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