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Quality Measurement in Economics

Author

Listed:
  • Steven Payson

Abstract

The concept of quality measurement is revived and given new meaning in this innovative new book. Steven Payson argues that quality measurement is an important issue in the study of price indices and in the additional areas of product innovation and evolutionary change. The user-value definition of quality is forcefully defended against the producer-cost definition, and a new method of measurement is introduced – the representative good approach (RGA). The RGA provides a new means for measuring quality over long periods of time by examining historical documents. A discussion of evolutionary change lays the groundwork for the identification of two processes: quality improvement and cost reduction. Using data from the Sears Catalog, quality improvement and cost reduction rates are estimated for five goods between 1928 and 1993: shoes, sofas, gas ranges, window fans and air conditioners, and cameras. The results are dramatic, supporting ground-breaking hypotheses on the determinants of quality improvement and cost reduction.

Suggested Citation

  • Steven Payson, 1994. "Quality Measurement in Economics," Books, Edward Elgar Publishing, number 351.
    • Handle: RePEc:elg:eebook:351
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    File URL: http://www.e-elgar.com/shop/isbn/9781852789268
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    Citations

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    Cited by:

    1. Christos Ioannidis & Mick Silver, 1999. "Estimating exact hedonic indexes: An application to UK television sets," Journal of Economics, Springer, vol. 69(1), pages 71-94, February.
    2. Wang, Qingbin & Thompson, Ethan & Parsons, Robert, 2015. "Preferences for Farmstead, Artisan, and Other Cheese Attributes: Evidence from a Conjoint Study in the Northeast United States," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 18(2), pages 1-20, May.
    3. Steven Payson, 1996. "Regardless of Philosophy, Economics Will Not Be a Science until it Is on Science," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(2), pages 257-274, December.
    4. Aykut Kibritcioglu, 2005. "Firma ve Urun Kalitesi: Nedir? Neden Onemlidir? (= On the Meaning and Importance of Firm and Product Quality)," International Trade 0509011, University Library of Munich, Germany.
    5. A. Frenzel Baudisch, 2006. "Continuous Market Growth Beyond Functional Satiation. Time-Series Analyses of U.S. Footwear Consumption, 1955-2002," Papers on Economics and Evolution 2006-03, Philipps University Marburg, Department of Geography.
    6. Mick Silver, 1996. "Quality, Prices and Hedonics," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 3(3), pages 351-366.
    7. Paul Windrum & Chris Birchenhall, 2005. "Structural change in the presence of network externalities: a co-evolutionary model of technological successions," Journal of Evolutionary Economics, Springer, vol. 15(2), pages 123-148, January.
    8. John A. Cotsomitis, 2022. "The Learning Economy Regime," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 687-722, March.
    9. Wang, Qingbin & Sun, Junjie, 2003. "Consumer Preference And Demand For Organic Food: Evidence From A Vermont Survey," 2003 Annual meeting, July 27-30, Montreal, Canada 22080, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    10. John A. Cotsomitis, 2014. "Demand-Side Characteristics of the Learning Economy: A Preliminary Assessment," Review of Political Economy, Taylor & Francis Journals, vol. 26(3), pages 449-473, July.
    11. David Conner & Jennifer Miller & Asim Zia & Qingbin Wang & Heather Darby, 2016. "Conjoint Analysis of Farmers’ Response to Conservation Incentives," Sustainability, MDPI, vol. 8(7), pages 1-15, July.
    12. Aykut Kibritcioglu, 2005. "Determinants of Economic Growth and the Role of Human Capital in New Growth Models [in Turkish]," Development and Comp Systems 0505009, University Library of Munich, Germany.
    13. Aykut Kibritcioglu, 2005. "Porter'in Rekabetci Avantajlar Yaklasimi ve Iktisat Kurami (= Porter's Approach of Competitive Advantages and the Theory of Economics)," International Trade 0509010, University Library of Munich, Germany.
    14. Renato Fonseca, 2015. "Quality Change in Brazilian Automobiles," Discussion Papers 0066, Instituto de Pesquisa Econômica Aplicada - IPEA.
    15. Halbrendt, Catherine K. & Pesek, John D., Jr. & Parsons, April & Lindner, Robert K., 1994. "Consumer Preference For Pst-Supplement Pork," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 38(2), pages 1-14, August.
    16. Steiner, Bodo E., 2002. "The Valuation Of Labelling Attributes In A Wine Market," 2002 Annual meeting, July 28-31, Long Beach, CA 19718, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • L0 - Industrial Organization - - General
    • D0 - Microeconomics - - General

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