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: Special Application to Information Technology Products

Price indexes can be constructed using a “hedonic method” that adjusts for changes in the quality of a product by focusing on a set of key product characteristics. This is essential for price indexes of products like computers that have experienced considerable technology-induced change that has altered their performance and value to purchasers over time. As these price indexes are used as deflators of production and/or consumption, accounting for these quality changes has an impact on estimates of economic growth and productivity analyses focusing on such products. This handbook’s objective is to contribute to a better understanding of the merits and shortcomings of conventional and hedonic price indexes and methods, and to provide an analytic basis for choosing among them. It sets out “best practice” principles for constructing hedonic indexes and examines criticisms of hedonic indexes.

The handbook compares and contrasts the logic and statistical properties of hedonic methods and conventional methods, and the results of employing them in different circumstances. It brings together material that is now scattered in a wide number of places, but goes beyond the economic literature in significant respects. It has been written because there is a widespread view that the principles for conducting hedonic investigations are not readily assembled for statistical agency work, which is the primary audience of this volume.

This handbook was prepared by Jack Triplett (The Brookings Institution), consultant to the OECD. He benefited from numerous contributions from many people from statistical agencies as well as academic and research institutions. Especially valuable contributions were provided by Ernst R. Berndt, Mick Silver and Charles Schultze.

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