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CONSTANT‐QUALITY PRICE INDICES FOR AGRICULTURAL INPUTS: TRACTORS AND FERTILISERS REVISITED
Author(s) -
Cooper D.,
Rayner A. J.,
Greenaway D.
Publication year - 1993
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1993.tb00251.x
Subject(s) - agriculture , quality (philosophy) , economics , constant (computer programming) , econometrics , price index , agricultural economics , productivity , price level , producer price index , agricultural engineering , computer science , mid price , macroeconomics , engineering , philosophy , epistemology , ecology , biology , programming language
This paper employs the hedonic regression technique to construct constant‐quality price indices and quality change indices for two agricultural inputs ‐ tractors and fertilisers ‐ over the period since World War II in the UK. The technique is described and related to productivity measurement in order to show its relevance for measuring price changes for inputs subject to technological improvement. Problems of application are discussed with reference to the two inputs. The constant‐quality price indices derived for tractors and fertilisers are briefly compared with available ‘official’ price series