1999•International Journal of the Economics of BusinessRequires access

Price-Quality Relations and Hedonic Price Indexes for Cars in the United Kingdom

Jonathan Murray, Nicholas Sarantis

Abstract

The main objective of this paper is to employ a complete set of panel data on UK car characteristics to estimate a hedonic car price model. This enables us to examine price differences between various car models in terms of variations in individual car characteristics.We also pay greater attention to the specification of the hedonic price model than previous studies, as shown by the wide range of diagnostics reported. A second objective of the paper is to utilise the estimates of the hedonic price model to construct a hedonic price index for cars, which allows us to investigate the increase of car prices due to quality and non-quality factors.

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Available abstract

Key concepts: Hedonic index, Price index, Econometrics, Economics, Hedonic pricing, Quality (philosophy), Hedonic regression, Panel data