{"id":2071,"date":"2021-05-10T06:12:31","date_gmt":"2021-05-10T06:12:31","guid":{"rendered":"http:\/\/3.35.173.53\/?p=2071"},"modified":"2021-05-10T06:12:31","modified_gmt":"2021-05-10T06:12:31","slug":"rosen-s-1974-hedonic-prices-and-implicit-markets-product-differentiation-in-pure-competition-journal-of-political-economy-821-34-55","status":"publish","type":"post","link":"https:\/\/www.happyfinder.co.kr\/?p=2071","title":{"rendered":"Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of political economy, 82(1), 34-55."},"content":{"rendered":"<p><span style=\"font-family: \ub9d1\uc740 \uace0\ub515,malgun;\">A class of differentiated products is completely described by a vector of objectively measured characteristics. Observed product prices and the specific amounts of&nbsp;haracteristics associated with each good define a set of implicit or &#8220;hedonic&#8221; prices. A theory of hedonic prices is formulated as a problem in the economics of spatial<\/span><span style=\"font-family: \ub9d1\uc740 \uace0\ub515,malgun;\">&nbsp;equilibrium in which the entire set of implicit prices guides both consumer and producer locational decisions in characteristics space. Buyer and seller choices, as wel<\/span><span style=\"font-family: \ub9d1\uc740 \uace0\ub515,malgun;\">l as the meaning and nature of market equilibrium, are analyzed. Empirical implications for hedonic price regressions and index number con- struction are pointed out. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><!--StartFragment--><\/p>\n<p class=\"0\" style=\"background: rgb(255, 255, 255); mso-pagination: none; mso-padding-alt: 0pt 0pt 0pt 0pt;\"><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: 0pt; font-family: \ub9d1\uc740 \uace0\ub515,malgun; mso-fareast-font-family: Times New Roman; mso-ascii-font-family: Times New Roman; mso-font-width: 100%; mso-text-raise: 0pt;\">Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. <\/span><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: 0pt; font-family: \ub9d1\uc740 \uace0\ub515,malgun; font-style: italic; mso-fareast-font-family: Times New Roman; mso-ascii-font-family: Times New Roman; mso-font-width: 100%; mso-text-raise: 0pt;\">Journal of political economy, 82<\/span><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: 0pt; font-family: \ub9d1\uc740 \uace0\ub515,malgun; mso-fareast-font-family: Times New Roman; mso-ascii-font-family: Times New Roman; mso-font-width: 100%; mso-text-raise: 0pt;\">(1), 34-55.<span style=\"font-family: \ub9d1\uc740 \uace0\ub515,malgun;\"><br \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A class of differentiated products is completely described by a vector of objectively measured characteristics. Observed product prices and the specific amounts of&nbsp;haracteristics associated with each good define a set of implicit or &#8220;hedonic&#8221; prices. A theory of hedonic prices is formulated as a problem in the economics of spatial&nbsp;equilibrium in which the entire set [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[28,15],"tags":[404],"_links":{"self":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/2071"}],"collection":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2071"}],"version-history":[{"count":1,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/2071\/revisions"}],"predecessor-version":[{"id":2072,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/2071\/revisions\/2072"}],"wp:attachment":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}