{"id":"https://openalex.org/W4367055474","doi":"https://doi.org/10.47004/wp.cem.2023.0823","title":"Hedonic prices and quality adjusted price indices powered by AI","display_name":"Hedonic prices and quality adjusted price indices powered by AI","publication_year":2023,"publication_date":"2023-04-26","ids":{"openalex":"https://openalex.org/W4367055474","doi":"https://doi.org/10.47004/wp.cem.2023.0823"},"language":"en","primary_location":{"id":"doi:10.47004/wp.cem.2023.0823","doi":"https://doi.org/10.47004/wp.cem.2023.0823","is_oa":true,"landing_page_url":"http://doi.org/10.47004/wp.cem.2023.0823","pdf_url":"http://dx.doi.org/10.47004/wp.cem.2023.0823","source":null,"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":null,"raw_type":"report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"http://dx.doi.org/10.47004/wp.cem.2023.0823","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5054703528","display_name":"Patrick Bajari","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Bajari, Patrick L.","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Cen, Zhihao","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Cen, Zhihao","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5068383641","display_name":"Victor Chernozhukov","orcid":"https://orcid.org/0000-0002-3250-6714","observed_orcids":["https://orcid.org/0000-0002-3250-6714"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Chernozhukov, Victor","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Manukonda, Manoj","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Manukonda, Manoj","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Wang, Jin","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Wang, Jin","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Huerta, Ramon","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Huerta, Ramon","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Li, Junbo","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Li, Junbo","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Leng, Ling","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Leng, Ling","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Monokroussos, George","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Monokroussos, George","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":null,"display_name":"Vijaykunar, Suhas","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Vijaykunar, Suhas","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":null,"display_name":"Wan, Shan","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Wan, Shan","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":7,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11161","display_name":"Consumer Market Behavior and Pricing","score":0.7476000189781189,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11161","display_name":"Consumer Market Behavior and Pricing","score":0.7476000189781189,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11898","display_name":"Economics of Agriculture and Food Markets","score":0.06369999796152115,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11918","display_name":"Forecasting Techniques and Applications","score":0.027000000700354576,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/hedonic-pricing","display_name":"hedonic pricing","score":0.9279999732971191},{"id":"https://openalex.org/keywords/inflation-measurement","display_name":"inflation measurement","score":0.6600000262260437},{"id":"https://openalex.org/keywords/large-language-models","display_name":"large language models","score":0.7829999923706055},{"id":"https://openalex.org/keywords/deep-neural-network","display_name":"deep neural network","score":0.6430000066757202},{"id":"https://openalex.org/keywords/multi-task-neural-network","display_name":"multi-task neural network","score":0.7649999856948853},{"id":"https://openalex.org/keywords/chained-price-indexes","display_name":"chained price indexes","score":0.5879999995231628}],"concepts":[{"id":"https://openalex.org/C193156294","wikidata":"https://www.wikidata.org/wiki/Q1593293","display_name":"Hedonic index","level":3,"score":0.6872410774230957},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.624765157699585},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5198707580566406},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5146337747573853},{"id":"https://openalex.org/C2994591601","wikidata":"https://www.wikidata.org/wiki/Q388056","display_name":"Hedonic pricing","level":2,"score":0.4847376048564911},{"id":"https://openalex.org/C178131030","wikidata":"https://www.wikidata.org/wiki/Q631360","display_name":"Price index","level":2,"score":0.40311771631240845},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.3320918679237366},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.26245564222335815},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.03677383065223694},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.47004/wp.cem.2023.0823","doi":"https://doi.org/10.47004/wp.cem.2023.0823","is_oa":true,"landing_page_url":"http://doi.org/10.47004/wp.cem.2023.0823","pdf_url":"http://dx.doi.org/10.47004/wp.cem.2023.0823","source":null,"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":null,"raw_type":"report"},{"id":"pmh:oai:econstor.eu:10419/284132","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/284132","pdf_url":"https://www.econstor.eu/bitstream/10419/284132/1/CWP2308.pdf","source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"}],"best_oa_location":{"id":"doi:10.47004/wp.cem.2023.0823","doi":"https://doi.org/10.47004/wp.cem.2023.0823","is_oa":true,"landing_page_url":"http://doi.org/10.47004/wp.cem.2023.0823","pdf_url":"http://dx.doi.org/10.47004/wp.cem.2023.0823","source":null,"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":null,"raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4367055474.pdf","grobid_xml":"https://content.openalex.org/works/W4367055474.grobid-xml"},"referenced_works_count":69,"referenced_works":["https://openalex.org/W7881962","https://openalex.org/W77815122","https://openalex.org/W654398407","https://openalex.org/W1483785301","https://openalex.org/W1522301498","https://openalex.org/W1532514140","https://openalex.org/W1545716097","https://openalex.org/W1585182641","https://openalex.org/W1603528080","https://openalex.org/W1608254476","https://openalex.org/W1614298861","https://openalex.org/W1972694933","https://openalex.org/W1975304257","https://openalex.org/W1978907431","https://openalex.org/W1990950270","https://openalex.org/W1991089513","https://openalex.org/W2001035210","https://openalex.org/W2017022452","https://openalex.org/W2046916388","https://openalex.org/W2049160794","https://openalex.org/W2066944004","https://openalex.org/W2086703319","https://openalex.org/W2097117768","https://openalex.org/W2112062416","https://openalex.org/W2123866109","https://openalex.org/W2123954539","https://openalex.org/W2124091152","https://openalex.org/W2133045778","https://openalex.org/W2133573501","https://openalex.org/W2133642864","https://openalex.org/W2142614759","https://openalex.org/W2148596757","https://openalex.org/W2150455181","https://openalex.org/W2153579005","https://openalex.org/W2194775991","https://openalex.org/W2333677440","https://openalex.org/W2333796428","https://openalex.org/W2335991931","https://openalex.org/W2409041666","https://openalex.org/W2528305538","https://openalex.org/W2610309200","https://openalex.org/W2626778328","https://openalex.org/W2787560479","https://openalex.org/W2804431633","https://openalex.org/W2890130309","https://openalex.org/W2890450186","https://openalex.org/W2890706578","https://openalex.org/W2891377854","https://openalex.org/W2895399789","https://openalex.org/W2896457183","https://openalex.org/W2945744995","https://openalex.org/W2964121744","https://openalex.org/W2974859503","https://openalex.org/W2980723525","https://openalex.org/W2984484319","https://openalex.org/W3022681102","https://openalex.org/W3081719150","https://openalex.org/W3114809603","https://openalex.org/W3121138275","https://openalex.org/W3121323965","https://openalex.org/W3121913280","https://openalex.org/W3121937330","https://openalex.org/W3121938138","https://openalex.org/W3124228313","https://openalex.org/W3124806009","https://openalex.org/W3125132843","https://openalex.org/W3125290651","https://openalex.org/W3178088530","https://openalex.org/W4297983637"],"related_works":["https://openalex.org/W4379379890","https://openalex.org/W4311350574","https://openalex.org/W3007968213","https://openalex.org/W2980429888","https://openalex.org/W4379398710","https://openalex.org/W7141713715","https://openalex.org/W7095921526","https://openalex.org/W7113082032","https://openalex.org/W3194233441","https://openalex.org/W4415711878"],"abstract_inverted_index":{"Accurate,":[0],"real-time":[1],"measurements":[2],"of":[3,30,139],"price":[4,42,74,116,130,177],"index":[5,186],"changes":[6],"using":[7,61,86,96,107],"electronic":[8,192],"records":[9],"are":[10],"essential":[11],"for":[12,149],"tracking":[13],"inflation":[14],"and":[15,38,44,59,65,99,153,190],"productivity":[16],"in":[17,131],"today's":[18],"economic":[19],"environment.We":[20],"develop":[21],"empirical":[22],"hedonic":[23,41,73,115,155,175],"models":[24,89,145,158],"that":[25],"can":[26],"process":[27],"large":[28,87],"amounts":[29],"unstructured":[31],"product":[32,52,82,97,102],"data":[33,148],"(text,":[34],"images,":[35],"prices,":[36],"quantities)":[37],"output":[39],"accurate":[40],"estimates":[43],"derived":[45],"indices.To":[46],"accomplish":[47],"this,":[48],"we":[49,76,118,142,171],"generate":[50],"abstract":[51],"attributes,":[53],"or":[54,94],"\"features,\"":[55],"from":[56,167],"text":[57],"descriptions":[58],"images":[60],"deep":[62],"neural":[63,123],"networks,":[64],"then":[66],"use":[67,120],"these":[68],"attributes":[69],"to":[70,83,104,126,146,169],"estimate":[71,154],"the":[72,81,101,113,137,144,173,181,185,188],"function.Specifically,":[75],"convert":[77,100],"textual":[78],"information":[79],"about":[80],"numeric":[84,105],"features":[85,106],"language":[88],"based":[90],"on":[91],"transformers,":[92],"trained":[93,125],"fine-tuned":[95],"descriptions,":[98],"image":[103],"a":[108,121,128],"residual":[109],"network":[110,124],"model.To":[111],"produce":[112],"estimated":[114],"function,":[117],"again":[119],"multi-task":[122],"predict":[127],"product's":[129],"all":[132],"time":[133],"periods":[134],"simultaneously.To":[135],"demonstrate":[136],"performance":[138],"this":[140],"approach,":[141],"apply":[143],"Amazon's":[147],"first-party":[150],"apparel":[151],"sales":[152],"prices.The":[156],"resulting":[157],"have":[159],"high":[160],"predictive":[161],"accuracy,":[162],"with":[163,187],"R":[164],"2":[165],"ranging":[166],"80%":[168],"90%.Finally,":[170],"construct":[172],"AI-based":[174],"Fisher":[176],"index,":[178],"chained":[179],"at":[180],"year-over-year":[182],"frequency.We":[183],"contrast":[184],"CPI":[189],"other":[191],"indices.":[193]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2023-04-27T00:00:00"}