Retrospective Price Indices and Substitution Bias
نویسندگان
چکیده
منابع مشابه
Retrospective Price Indices and Substitution Bias
The consumer price index (CPI) is usually computed as a fixed-weighted Laspeyres price index, with the weights updated at discrete intervals only. It is well known that the Laspeyres functional form entails a substitution bias. One way to reduce it would be to use chained indices, and superlative ones if possible. Unfortunately, the necessary data are often missing. This paper proposes a simple...
متن کاملApplication of the original price index formula in the CPI commodity substitution bias measurement
In this paper we propose the application of the original, superlative price index formula for the measurement of commodity substitution bias associated with Consumer Price Index (CPI). In our simulation study we compare CPI bias values calculated by using the original price index formula with those calculated on the basis of some known, superlative price indices.
متن کاملLocal Quantile House Price Indices
Locally weighted quantile regressions allow the coefficients of hedonic house price functions to vary over space. Using data on all house sales in Cook County, Illinois, for 20002011, I show how the full distribution of appreciation rates changed over time in small geographic areas. The estimates reveal significant spatial variation in appreciation rates both geographically and across the distr...
متن کامل9. Calculating Consumer Price Indices in Practice
9.2 As a result of the greater insights into the properties and behaviour of price indices that have been achieved in recent years, it is now recognized that some traditional methods may not necessarily be optimal from a conceptual and theoretical viewpoint. Concerns have also been voiced in a number of countries about possible biases that may be affecting CPIs. These issues and concerns need t...
متن کاملA Primer on U.S. Stock Price Indices
T he measurement of the " average " price of common stocks is a matter of widespread interest. Investors want to know how " the market " is doing, and to be able to compare their returns with a meaningful benchmark. Money managers often have their compensation tied to performance, typically measured by comparing their results to a benchmark portfolio, so they and their clients are interested in...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Swiss Journal of Economics and Statistics
سال: 2009
ISSN: 2235-6282
DOI: 10.1007/bf03399277