What consumers pay for in a VCR
November 24, 1999
A major consumers’ magazine reported on 26 characteristics of VCRs in their 1998 buyers’ guide. Of those characteristics, a BLS study found that consumers paid the most for the more sophisticated video platforms: Multi-format converters that can play more than one tape format, dual-deck VCRs, and S-VHS players that produce superior resolution.
Among other price determining characteristics, up-scale brand names and the latest cutting edge features had the most impact. The feature with the largest price tag provides on-screen TV listings with one-touch VCR programming. Other features with a strong impact on price include "flying head" edit features and "index plus."
A separate analysis shows that the number of features alone has a significant impact on the price of a VCR: Those VCRs that are "fully loaded" are generally more expensive no matter what type they are.
These findings were part of a study of quality adjustment techniques for the Consumer Price Index program. The technique used to estimate implicit prices for videocassette recorder characteristics is called hedonic regression. For more information see "Adjusting VCR prices for quality changes: a study using hedonic methods," by Paul R. Liegey and Nicole Shepler, Monthly Labor Review, September 1999.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, What consumers pay for in a VCR on the Internet at http://www.bls.gov/opub/ted/1999/nov/wk4/art03.htm (visited January 31, 2015).
Three recent editions of Spotlight on Statistics
Housing: before, during, and after the Great Recession
looks at consumer expenditures on household items, employment in residential construction, prices for household items, and injuries in occupations involved in building and maintaining our homes.
Women veterans in the labor force examines the demographic, employment, and unemployment characteristics of women veterans.
BLS Statistics by Occupation provides an overview of occupational employment and wages with an emphasis on STEM jobs and occupational data by typical entry-level education required.