The Quality Adjusted Price Index in the Pure Characteristics Demand Model
基于纯特征需求模型，计算了1996至2000年个人电脑CPU的质量调整价格指数，并与特征价格指数比较，发现前者对产品质量变化更敏感；按支付意愿分组后，不同消费者群体受产品选择的影响不同。
This paper computes a quality adjusted price index for the personal computer CPU from 1996 to 2000. The index is based on the pure characteristics demand model. I first compute the quality adjusted price index for the whole market, and show that it is very comparable with the hedonic price index but more sensitive to changes in product quality. Two types of the hedonic index are considered. One is the dummy variable index and the other is the formulation in Pakes (2003). When I group consumers by their willingness to pay for attribute improvement, the index shows consumer groups are differently affected by their product choices.