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A five-year hedonic price breakdown for desktop personal computer attributes in Brazil

FOUTO, Nuno Manoel Martins Dias; ANGELO, Claudio Felisoni de; LUPPE, Marcos Roberto
Fonte: Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
56.37%
The purpose of this article is to identify the attributes that discriminate the prices of personal desktop computers. We employ the hedonic price method in evaluating such characteristics. This approach allows market prices to be expressed as a function, a set of attributes present in the products and services offered. Prices and characteristics of up to 3,779 desktop personal computers offered in the IT pages of one of the main Brazilian newspapers were collected from January 2003 to December 2007. Several specifications for the hedonic (multivariate) linear regression were tested. In this particular study, the main attributes were found to be hard drive capacity, screen technology, main board brand, random memory size, microprocessor brand, video board memory, digital video and compact disk recording devices, screen size and microprocessor speed. These results highlight the novel contribution of this study: the manner and means in which hedonic price indexes may be estimated in Brazil.

Price dispersion and price indexes

FAVA, Vera Lucia
Fonte: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD Publicador: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
56.67%
The traditional theory of price index numbers is based on the law of one price. But in the real world, we frequently observe the existence of an equilibrium price dispersion instead of one price of equilibrium. This article discusses the effects of price dispersion on two price indexes: the cost of living index and the consumer price index. With price dispersion and consumer searching for the lowest price, these indexes cannot be interpreted as deterministic indicators, but as stochastic indicators, and they can be biased if price dispersion is not taken into account. A measure for the bias of the consumer price index is proposed and the article ends with an estimation of the bias based on data obtained from the consumer price index calculated for the city of Sao Paulo, Brazil, from January 1988 through December 2004. The period analysed is very interesting, because it exhibits different inflationary environments: high levels and high volatility of the rates of inflation with great price dispersion until July 1994 and low and relatively stable rates of inflation with prices less dispersed after August 1994.

Índices de preço para o transporte de cargas: o caso da soja a granel. ; Price indexes for cargo transport: the bulk soybean case.

Gameiro, Augusto Hauber
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 01/07/2003 PT
Relevância na Pesquisa
56.76%
Esta pesquisa foi motivada pela necessidade de desenvolvimento de uma metodologia para elaboração de índices de preços para os fretes de cargas agroindustriais no Brasil. O estudo das principais fórmulas utilizadas na elaboração dos índices culminou com a apresentação de um ranking segundo sua superioridade no atendimento às aproximações. Concluiu-se que os índices de Fisher e Walsh são aqueles capazes de atender ao maior número de preceitos lógicos, estatísticos e econômicos. Em seguida surgem os índices geométricos de Vartia, Törnqvist e Theil. Os índices de Laspeyres e Paasche, apesar de apresentarem algumas sérias limitações, acabam sendo amplamente utilizados na prática devido à fácil operacionalização. A pesquisa sobre os índices existentes para o transporte ratifica a idéia de que o Índice de Laspeyres é o mais utilizado. Essa análise ainda mostrou que os índices geralmente são elaborados com rotas bem definidas, para modais e tipo de carga bem definidos. A presente pesquisa apresentou um estudo de caso objetivando avaliar as variações nos procedimentos possíveis para a elaboração dos índices. A utilização de um estudo específico é justificada pela necessidade de se avaliar empiricamente os resultados obtidos a partir de índices distintos. Nesse sentido...

Is the Euro-Area Core Price Index Really More Persistent than the Food and Energy Price Indexes?

Belbute, José
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Aula
ENG
Relevância na Pesquisa
46.66%
The purpose of this paper is to measure the degree of persistence of the overall, core, food and energy Harmonized Indexes of Consumer Prices for the European Monetary Zone (HICP-EAs) and to identify its implications for decision-making in the private sector and in public policy. Using a non-parametric approach, our results demonstrate the presence of a statistically significant level of persistence in four HICP-EAs: headline, core, food and energy. Moreover, contrary to popular belief, the core index does not reflect permanent price changes. We also find evidence that the food and energy price indexes are more volatile and more persistent than the other two price indexes. Our results also show a reduction in persistence for both the headline and the core price indexes after the implementation of the single monetary policy, but not for food and energy. These results have important implications for both the private sector and for policymakers who use the core as a reference price index for their decision-making because the use of this index can lead to an erroneous perception of price movements.

Is the Euro-Area Core Price Index Really More Persistent than the Food and Energy Price Indexes?

Belbute, José
Fonte: SBE, 32º Encontro das SBE Publicador: SBE, 32º Encontro das SBE
Tipo: Artigo de Revista Científica
POR
Relevância na Pesquisa
46.66%
The purpose of this paper is to measure the degree of persistence of the overall, core, food and energy Harmonized Indexes of Consumer Prices for the European Monetary Zone (HICP-EAs) and to identify its implications for decision-making in the private sector and in public policy. Using a non-parametric approach, our results demonstrate the presence of a statistically significant level of persistence in four HICP-EAs: headline, core, food and energy. Moreover, contrary to popular belief, the core index does not reflect permanent price changes. We also find evidence that the food and energy price indexes are more volatile and more persistent than the other two price indexes. Our results also show a reduction in persistence for both the headline and the core price indexes after the implementation of the single monetary policy, but not for food and energy. These results have important implications for both the private sector and for policymakers who use the core as a reference price index for their decision-making because the use of this index can lead to an erroneous perception of price movements.

Is the Euro-Area Core Price Index Really More Persistent than the Food and Energy Price Indexes?

Belbute, José Manuel
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Trabalho em Andamento
ENG
Relevância na Pesquisa
46.66%
The purpose of this paper is to measure the degree of persistence of the overall, core, food and energy Harmonized Indexes of Consumer Prices for the European Monetary Zone (HICP-EAs) and to identify its implications for decision-making in the private sector and in public policy. Using a non-parametric approach, our results demonstrate the presence of a statistically significant level of persistence in four HICP-EAs: headline, core, food and energy. Moreover, contrary to popular belief, the core index does not reflect permanent price changes. We also find evidence that the food and energy price indexes are more volatile and more persistent than the other two price indexes. Our results also show a reduction in persistence for both the headline and the core price indexes after the implementation of the single monetary policy, but not for food and energy. These results have important implications for both the private sector and for policymakers who use the core as a reference price index for their decision-making because the use of this index can lead to an erroneous perception of price movements.

Is the Euro-Area Core Price Index Really More Persistent than the Food and Energy Price Indexes?”

Belbute, José
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
46.67%
The purpose of this paper is to measure the degree of persistence of the overall, core, food and energy Harmonized Indexes of Consumer Prices for the European Monetary Zone (HICP-EAs) and to identify its implications for decision-making in the private sector and in public policy. Using a non-parametric approach, our results demonstrate the presence of a statistically significant level of persistence in four HICP-EAs: headline, core, food and energy. Moreover, contrary to popular belief, the core index does not reflect permanent price changes. We also find evidence that the food and energy price indexes are more volatile and more persistent than the other two price indexes. Our results also show a reduction in persistence for both the headline and the core price indexes after the implementation of the single monetary policy, but not for food and energy. These results have important implications for both the private sector and for policymakers who use the core price index as a reference in their decision-making. In particular, core price index can lead to erroneous perception of price movements.

Convenient links for the estimation of hedonic price indexes

Ramalho, Esmeralda; Ramalho, Joaquim
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
66.57%
Hedonic methods are a prominent approach in the construction of quality-adjusted price indexes. This paper shows that the process of computing such indexes is substantially simplified if arithmetic (geometric) price indexes are computed based on exponential (log-linear) hedonic functions estimated by the Poisson pseudomaximum likelihood (ordinary least squares) method. A Monte Carlo simulation study based on housing data illustrates the convenience of the links identified and the very attractive properties of the Poisson estimator in the hedonic framework.

Comparative Study Of Artificial Neural Network And Box-Jenkins Arima For Stock Price Indexes

Cancela, Ângela Mar isa Roldão
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em 04/05/2009 POR
Relevância na Pesquisa
56.47%
Mestrado em Prospecção e Análise de Dados; The accuracy in forecasting financial time series, such as stock price indexes, has focused a great deal of attention nowadays. Conventionally, the Box-Jenkins autoregressive integrated moving average (ARIMA) models have been one of the most widely used linear models in time series forecasting. Recent research suggests that artificial neural networks (ANN) can be a promising alternative to the traditional ARIMA structure in forecasting. This thesis aims to study the efficiency of ARIMA and ANN models for forecasting the value of four Stock Price Indexes, of four different countries (Germany, Italy, Greece and Portugal), during 2006 – 2007, using the data from preceding 15 years. In order to reach the goal of this study, it is used the Eviews software that allows to find an appropriate ARIMA specification, offered also a powerful evaluation, testing and forecasting tools. In order to predict the time series is used the Matlab software, which provides a package that allows generating a suitable ANN model. It is found that ANN provides forecasted results closest to the actual ones when used the logarithmic transformation. The first difference transformation is required in ARIMA but no one founding model is satisfactory. When this transformation is also used with ANN...

A five-year hedonic price breakdown for desktop personal computer attributes in Brazil

Fouto,Nuno Manoel Martins Dias; Angelo,Claudio Felisoni de; Luppe,Marcos Roberto
Fonte: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/09/2009 EN
Relevância na Pesquisa
56.37%
The purpose of this article is to identify the attributes that discriminate the prices of personal desktop computers. We employ the hedonic price method in evaluating such characteristics. This approach allows market prices to be expressed as a function, a set of attributes present in the products and services offered. Prices and characteristics of up to 3,779 desktop personal computers offered in the IT pages of one of the main Brazilian newspapers were collected from January 2003 to December 2007. Several specifications for the hedonic (multivariate) linear regression were tested. In this particular study, the main attributes were found to be hard drive capacity, screen technology, main board brand, random memory size, microprocessor brand, video board memory, digital video and compact disk recording devices, screen size and microprocessor speed. These results highlight the novel contribution of this study: the manner and means in which hedonic price indexes may be estimated in Brazil.

A Prescription for Drug Formulary Evaluation: An Application of Price Indexes

Glazer, Jacob; Huskamp, Haiden A.; McGuire, Thomas G.
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em 30/03/2012 EN
Relevância na Pesquisa
46.24%
Existing economic approaches to the design and evaluation of health insurance do not readily apply to coverage decisions in the multi-tiered drug formularies characterizing drug coverage in private health insurance and Medicare. This paper proposes a method for evaluating a change in the value of a formulary to covered members based on the economic theory of price indexes. A formulary is cast as a set of demand-side prices, and our measure approximates the compensation (positive or negative) that would need to be paid to consumers to accept the new set of prices. The measure also incorporates any effect of the formulary change on plan drug acquisition costs and “offset effects” on non-drug services covered by the plan. Data needed to calculate formulary value are known or can be forecast by a health plan. We illustrate the method with data from a move from a two- to a three-tier formulary.

Regional Hospital Input Price Indexes

Freeland, Mark S.; Schendler, Carol Ellen; Anderson, Gerard
Fonte: CENTERS for MEDICARE & MEDICAID SERVICES Publicador: CENTERS for MEDICARE & MEDICAID SERVICES
Tipo: Artigo de Revista Científica
Publicado em /12/1981 EN
Relevância na Pesquisa
46.53%
This paper describes the development of regional hospital input price indexes that is consistent with the general methodology used for the National Hospital Input Price Index. The feasibility of developing regional indexes was investigated because individuals inquired whether different regions experienced different rates of increase in hospital input prices. The regional indexes incorporate variations in cost-share weights (the amount an expense category contributes to total spending) associated with hospital type and location, and variations in the rate of input price increases for various regions.

The Relative Volatility of Commodity Prices : A Reappraisal

Arezki, Rabah; Lederman, Daniel; Zhao, Hongyan
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.5%
This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in international trade data from the United States over the period 2002 to 2011. The conventional wisdom in academia and policy circles is that primary commodity prices are more volatile than those of manufactured products, although most of the existing evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. The literature tends to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and products. This approach can be misleading. Indeed, the evidence presented in this paper suggests that on average prices of individual primary commodities are less volatile than those of individual manufactured goods. However, the challenges of managing terms of trade volatility in developing countries with concentrated export baskets remain.

International Financial Integration through the Law of One Price

Levy Yeyati, Eduardo; Schmukler, Sergio L.; Van Horen, Neeltje
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.5%
The authors argue that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial integration, reflecting accurately the factors that segment markets and inhibit price arbitrage. Applying to equity markets recent methodological developments in the purchasing power parity literature, they show that nonlinear Threshold Autoregressive (TAR) models properly capture the behavior of the cross market premium. The estimates reveal the presence of narrow non-arbitrage bands and indicate that price differences outside these bands are rapidly arbitraged away, much faster than what has been documented for good markets. Moreover, the authors find that financial integration increases with market liquidity. Capital controls, when binding, contribute to segment financial markets by widening the non-arbitrage bands and making price disparities more persistent. Crisis episodes are associated with higher volatility, rather than by more persistent deviations from the law of one price.

Constructing household specific consumer price indexes : an analysis of different techniques and methods

Cage, Robert A.; Garner, Thesia; Ruiz-Castillo, Javier
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: text/plain; application/pdf
Publicado em /03/2002 ENG
Relevância na Pesquisa
46.81%
The primary purpose of this study is to produce household specific price indexes for consumer units or households living in the United States in the early 1990s. This paper is a report on how these household specific indexes were created. With household specific indexes, households are assumed to have nonhomothetic preferences, so changes in prices involve relative price changes between different sets of commodities and the resulting indexes will differ systematically between different households. We examine several different approaches to construct these indexes. Our indexes are based on internal U.S. Consumer Expenditure Survey (CEX) data for 1990-91 and Bureau of Labor Statistics Consumer Price Index (CPI) data from winter 1981, 1987, and 1991. Our base period is 1990-91. Using these data we produce Paasche type household specific indexes. In addition we propose an alternative definition of total expenditures, based on the CPI market basket commodity space, to be used for welfare analysis. Our underlying motivation for conducting this study was to compare real welfare inequality in Spain and the U.S. in the 1980s for another study (Garner et al. forthcoming 1997). Because of this comparison, we were somewhat restricted in our approach. CEX data are used to calculate CPI market basket item budget shares for each interviewed household. Price indexes are merged with the household budget data at various levels of geographic and market basket item aggregation...

Over the Hedge : Exchange Rate Volatility, Commodity Price Correlations, and the Structure of Trade

Raddatz, Claudio
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
46.51%
A long empirical literature has examined the idea that, in the absence of hedging mechanisms, currency risk should have an adverse effect on the export volumes of risk averse exporters. But there are no clear conclusions from this literature, and the current consensus seems to be that there is at most a weak negative effect of exchange rate volatility on aggregate trade flows. However, most of this literature examines the impact of exchange rate volatility on aggregate trade flows, implicitly assuming a uniform impact of this volatility on exporters across sectors. This paper explots the fact that, if exchange rate volatility is detrimental for trade, firms exporting goods that offer a natural hedge against exchange rate fluctuations -- i.e. those whose international price is negatively correlated with the nominal exchange rate of the country where they operate -- should be relatively benefited in environments of high exchange rate volatility, and capture a larger share of the country's export basket. This hypothesis is tested using detailed data on the composition of trade of 132 countries at 4-digit SITC level. The results show that the commodities that offer natural hedge capture a larger share of a country's export basket when the exchange rate is volatile...

Price indexes for pharmaceuticals used by the elderly

Thomas, Joseph; Schondelmeyer, Stephen
Fonte: CENTERS for MEDICARE & MEDICAID SERVICES Publicador: CENTERS for MEDICARE & MEDICAID SERVICES
Tipo: Artigo de Revista Científica
Publicado em //1992 EN
Relevância na Pesquisa
46.59%
The analysis presented in this report was undertaken to identify those drug entities that account for a significant proportion of the retail expenditures for prescription drugs used by the elderly. Commercial data bases were used to develop fixed weight Laspeyres price indexes based specifically on drugs used in the elderly population. The indexes provide the capability to analyze price trends for drug groupings that are not possible with the producer price index (PPI) or the Consumer Price Index (CPI). From 1981 through 1988, the average annual rate of increase in manufacturers' prices was 9.1 percent, and retail prices increased at an average annual rate of 6.6 percent. The indexes represent potentially powerful tools in analyzing drug price trends, an important component of drug program expenditure forecasting and management.

Effects of competition over quality-adjusted price indexes : an application to the Spanish automobile market

Guerra Hernández, Ana Isabel
Fonte: Universidade Autônoma de Barcelona Publicador: Universidade Autônoma de Barcelona
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em //2007 ENG
Relevância na Pesquisa
46.32%
Using a newly constructed data set, we calculate quality-adjusted price indexes after estimating hedonic price regressions from 1988 to 2004 in the Spanish automobile market. The increasing competition was favoured by the removal of trade restrictions and the special plans for the renewal of the Spanish automobile fleet. We find that the increasing degree of competition during those years led to an overall drop in automobile prices by 20 percent which implied considerable consumer gains thanks to higher market efficiency. Additionally, our results indicate that loyalty relevance and discrepancies in automobile reliability declined during those years. This is captured.

Age effects, unobserved characteristics and hedonic price indexes : The Spanish car market in the 1990s

Varela-Irimia, Xosé-Luís
Fonte: Xarxa de Referència en Economia Aplicada (XREAP) Publicador: Xarxa de Referència en Economia Aplicada (XREAP)
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em //2011 ENG
Relevância na Pesquisa
46.5%
This paper computes and compares alternative quality-adjusted price indexes for new cars in Spain in the period 1990-2000. The proposed hedonic approach simultaneously controls for time-invariant unobserved product e¤ects and time-variant unobserved quality changes, that are assumed to be captured by model age effects. The results show that the non-adjusted price index largely overstates the increase in the cost of living induced by changes in car prices and that previous evidence for this market have not measured the real extent of that bias, probably due to the omission of controls for unobservables. It is also shown that omitting age effects can also lead to misleading conclusions. The estimated price indexes give also some insights on what could have been the determinants of price evolution in the Spanish car market.

Daily House Price Indexes: Volatility Dynamics and Longer-Run Predictions

Wang, Wenjing
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação
Publicado em //2014
Relevância na Pesquisa
56.75%

This dissertation presents the construction procedure of “high-frequency” daily measure of changes in housing valuations, and analyzes its return dynamics, as well as investigates its relationship to capital markets. The dissertation consists of three chapters. The first chapter introduces the house price index methodologies and housing transaction data, and reviews the related literature. The second chapter shows the construction and modeling of daily house price indexes and highlights the informational advantage of the daily indexes. The final chapter provides detailed empirical and theoretical investigations of housing index return volatilities.

Chapter 2 discusses the relationship of the housing market with the other markets, such as consumer good market and financial markets. Different housing price indexes and their construction methodologies are introduced, with emphases on the repeat sales model and S&P/Case Shiller Home Price Index. A detailed description of the housing transaction data I use in the dissertation is also provided in this chapter.

Chapter 3 is co-authored with Professor Tim Bollerslev and Professor Andrew Patton. We construct daily house price indexes for ten major U.S. metropolitan areas. Our calculations are based on a comprehensive database of several million residential property transactions and a standard repeat-sales method that closely mimics the procedure used in the construction of the popular monthly Case-Shiller house price indexes. Our new daily house price indexes exhibit dynamic features similar to those of other daily asset prices...