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Definition: Explicit quality adjustment
Category: Consumer Price Index
A direct estimate of how much of the change in the price of a product is attributable to changes in its physical or economic characteristics. It requires an evaluation of the contributions of the differences in particular characteristics to the differences in the observed prices of two products. It includes quality adjustments based on hedonic methods. http://www.ilo.org/public/english/bureau/stat/guides/cpi/index.htm
Source:
International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), Statistical Office of the European Communities (Eurostat), United Nations (UNECE), The World Bank, Consumer Price Index Manual: Theory and Practice, Geneva, August 2004
International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), Statistical Office of the European Communities (Eurostat), United Nations (UNECE), The World Bank, Consumer Price Index Manual: Theory and Practice, Geneva, August 2004
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