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Price Indexes for Microcomputers: An Exploratory Study

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Author Info
Ernst R. Berndt
Zvi Griliches

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Abstract

In this paper we focus on alternative procedures for calculating and interpreting quality-adjusted price indexes for microcomputers, based on a variety of estimated hedonic price equations. Our data set comprises an unbalanced panel for 1265 model observations from 1982 to 1988, and includes both list and discount prices. We develop and implement empirically a specification test for selecting preferable hedonic price equations, and consider in detail the alternative interpretations of dununy variable coefficients having time and age, vintage and age, and all of the time, age, and vintage dummy variables as regressors. We then calculate a variety of quality-adjusted price indexes; for the Divisja indexes we employ estimated hedonic price equations to predict prices of unobserved models (pre-entry and post-exit). Although our indexes show a modest amount of variation, we find that on average over the 1982-88 time period in the US, quality-adjusted real prices for microcomputers decline at about 28% per year.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3378.

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Date of creation: Jun 1990
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Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.
Handle: RePEc:nbr:nberwo:3378

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February. [Downloadable!] (restricted)
  2. Robert J. Gordon, 1989. "The Postwar Evolution of Computer Prices," NBER Working Papers 2227, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  4. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1.
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