ヘドニック•アプローチの理論的基礎,方法および日本の乗用車価格への応用

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  • THEORY AND METHOD OF THE HEDONIC APPROACH WITH AN APPLICATION TO JAPANESE AUTOMOBILE PRICES
  • ヘドニック・アプローチの理論的基礎,方法および日本の乗用車価格への応用
  • ヘドニック アプローチ ノ リロンテキ キソ ホウホウ オヨビ ニホン ノ ジ

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Theory part of this paper (Section 1) tries to answer the following basic questions. (a) Why can we obtain the quality-adjusted price indices by regressing the prices of goods on their characteristics? In other words, what are measured by the hedonic approach? (b) Prices of goods are given to an individual consumer. Then, why can the random error term enter the hedonic regression equation if all the characteristics are taken into account?<br>Section 1-1 uses Lancaster's approach to consumer theory. It shows that the hedonic approach measures the marginal utilities of goods as their qualities and the inverse of the marginal utility of income as the quality-adjusted price index. Ittpresents the cases when the hedonic price indices coincide with the theoretical definition of CPI. It also shows that the random error can enter the hedonic regression equation even if the prices are given and none of the characteristics are omitted. Section 1-2 uses Adelman-Griliches and Fisher-Shell models. It shows that the hedonic price indices are not generally equal to the theoretical definition of CFI but that the hedonic indices are appropriate when the "pure repackaging" hypothesis holds. Section 1-3 shows that the hedonic price indices are made up of the four indices under certain separability conditions; the indices of mark-up ratio, quantities of products, technological level, and input prices.<br>Section 2 discusses the problems concerning the method of the hedonic approach in practical applications. Section 3 applies the hedonic approach to Japanese automobile prices.

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