We argue that for the case of heterogeneous commodities with infrequent tradings, such as paintings, it is relevant to base a price index on hedonic regressions using all sales and not resales only. To support this conclusion we construct a price index for paintings by Impressionists and their followers and compare the various estimators using bootstrapping techniques. Published The Journal of ...

Many countries use uniform cost-effectiveness criteria to determine whether adopt a new medical technology for the entire population. This approach assumes homogeneous preferences expected health benefits and side effects. We examine prescription drugs generate welfare gains when accounting heterogeneous by constructing quality- adjusted price indices colorectal cancer drug treatments. find tha...