[경제학과] 4월 25일 BK 목요세미나 안내
- 진하은
- 2024-04-22
이번 주 4월 25일 목요일에 예정되어 있는 목요세미나 안내 드립니다.
- 일시: 2024년 4월 25일 (목) 16:30 - 17:45
- 장소: 경영관 33503호
- 발표자: Professor Matthew Shapiro (University of Michigan)
- 주제: Using Machine Learning to Construct Hedonic Price Indices
- Abstract: This paper uses machine learning (ML) to estimate hedonic price indices at scale from item-level transaction and product characteristics. The procedure uses state-of-the-art approaches from hedonic econometrics and implements them with a neural network ML approach. Applying the methodology to Nielsen Retail Scanner data leads to a large hedonic adjustment to the Tornqvist index for food product groups: Cumulative food inflation over the period from 2007 through 2015 is reduced by half---from 5.9% to 2.8%---owing to quality adjustment. These results suggest that quality improvement via product turnover is important even in product groups that are not normally considered to feature rapid technological progress. The approach in the paper thus demonstrates the feasibility and importance of implementing hedonic adjustment at scale.