In other words, a product must first be disaggregated into its characteristics. At its most basic, hedonics can be described as a regression designed to isolate and measure the influence on price of economically meaningful product characteristics. 1 One of the most widely recognized pioneers in applied hedonic research was Griliches (1988) who stated that ".one might use regression techniques to relate the prices of different models or versions of a commodity to differences in their characteristics, and discover thereby the relative valuation of such qualities is reasonably obvious.” The terms hedonics or hedonic models are often used by economists when referring to a form of econometrics (Gujarati 1995). The Producer Price Index (PPI) program has developed and adopted several methodologies to respond to these quality measurement challenges, but the primary focus here will be on hedonic methods. Valuing changes in the quality of products or services is one of the oldest measurement challenges facing statistical agencies around the world. Bureau of Labor Statistics Producer Price Index Program June 2011 Hedonic Models in the Producer Price Index
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