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To Log or not to Log? : Proportionality in Time-Dummy Hedonic Price Indexes
http://hdl.handle.net/10086/0002061091
http://hdl.handle.net/10086/00020610913afbb3f2-3271-4076-a82c-5bcf726502f1
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
dp25-3_rcesr.pdf (5.7 MB)
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| Item type | デフォルトアイテムタイプ（フル）その２(1) | |||||||
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| 公開日 | 2025-10-23 | |||||||
| タイトル | ||||||||
| タイトル | To Log or not to Log? : Proportionality in Time-Dummy Hedonic Price Indexes | |||||||
| 言語 | en | |||||||
| 作成者 |
ABE, Naohito
× ABE, Naohito× RAO, DS Prasada
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| 寄与者 | ||||||||
| 寄与者タイプ | Editor | |||||||
| 姓名 | Research Center for Economic and Social Risks, Institute of Economic Research, Hitotsubashi University | |||||||
| 言語 | en | |||||||
| アクセス権 | ||||||||
| アクセス権 | open access | |||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | August 22, 2025 | |||||||
| 言語 | en | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | Time-dummy hedonic models are widely applied in the construction of qualityadjusted price indexes for goods and services whose characteristics evolve over time. The specification of these models, particularly the transformation applied to the price variable, plays a decisive role in determining measured price change. This paper evaluates transformation choice within the framework of the proportionality axiom in index-number theory, which requires that if all prices in the comparison period are scaled by a positive constant, the index must be scaled by the same constant. It is demonstrated that, for time-dummy hedonic regressions with observed characteristics, the logarithmic transformation of prices—combined with the conventional exponential mapping of time effects-is the only specification that satisfies proportionality for all admissible datasets. Alternative transformations, including the Box-Cox family, do not generally meet this requirement when characteristics are present, except under highly restrictive, data-specific conditions. This paper provides clear implications for statistical agencies and applied researchers. The theoretical results are illustrated using both simulated datasets and scanner data from Japan, reinforcing the need for aligning hedonic price index construction with axiomatic principles. | |||||||
| 言語 | en | |||||||
| 出版者 | ||||||||
| 出版者 | Institute of Economic Research, Hitotsubashi University | |||||||
| 言語 | en | |||||||
| 日付 | ||||||||
| 日付 | 2025-08 | |||||||
| 日付タイプ | Issued | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||
| 資源タイプ | technical report | |||||||
| 出版タイプ | ||||||||
| 出版タイプ | VoR | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||
| 関連情報 | ||||||||
| 関連タイプ | isPartOf | |||||||
| 言語 | en | |||||||
| 関連名称 | RCESR Discussion Paper Series ; No. DP25-3 | |||||||
| 助成情報 | ||||||||
| 助成機関識別子タイプ | Crossref Funder | |||||||
| 助成機関識別子 | https://doi.org/10.13039/501100001691 | |||||||
| 助成機関名 | 日本学術振興会 | |||||||
| 言語 | ja | |||||||
| 研究課題番号URI | https://kaken.nii.ac.jp/ja/grant/KAKENHI-PROJECT-23K25496/ | |||||||
| 研究課題番号 | 23K25496 | |||||||
| 研究課題名 | 時点・地点間で財が異なる場合の集計方法・指数構築に関する考察 | |||||||
| 言語 | ja | |||||||
| ページ数 | ||||||||
| ページ数 | 20 | |||||||
| Sponsorship | ||||||||
| 値 | Abe's research work was supported by JSPS KAKENHI Grant Numbers 23K25496, 24H00012, and 25K05044. | |||||||
| Local.fondno | ||||||||
| JEL | ||||||||
| 値 | C43 | |||||||
| JEL | ||||||||
| 値 | E31 | |||||||
| JEL | ||||||||
| 値 | E01 | |||||||
