The misuse of hedonic prices and costs

In most markets we do have price data, though it is often so unreliable and inaccurate as to be unusable.3 It is often harder to obtain data on quantity, and this is even less reliable. The data, if

it exists, is only available intermittendy, and not at each point in time. However, for the purpose of this chapter, it will be assumed that perfect information is available.