This study investigated the quality characteristics that explain the price of vintage electric guitars. Lancaster's (1971) new consumer theory provided the foundation for formulating the estimated hedonic price functions. A ten year sample of descriptive guitar characteristics was developed for Telecaster, Stratocaster, Les Paul, Semi-Hollow body, and Hollow body vintage electric guitars. Principal Component Analysis was performed to reduce the number of guitar characteristics into three composite variables (guitar body attributes; electronic components; intonation, tuning and playability) representing 16 different individual quality characteristics. All but one of the estimated coefficients of the composite variables was found to be statistically significant (pWithin this theoretical underpinning, a consumera#39;s utility would be maximized by the number of guitars bought or ... Lancaster (1971) explicitly acknowledged a gooda#39;s objective characteristics as a factor in consumer decision-making, andanbsp;...
|Title||:||An Econometric Estimate of Hedonic Price Functions: The Case of Vintage Electric Guitars|
|Author||:||Charles Ronald Fraley|
|Publisher||:||ProQuest - 2009|