Book Description
Price indexes can be constructed using a “hedonic method” that adjusts for changes in the quality of a product. This handbook sets out best practice for constructing hedonic indexes.
Author : Triplett Jack
Publisher : OECD Publishing
Page : 258 pages
File Size : 43,42 MB
Release : 2006-09-21
Category :
ISBN : 9264028153
Price indexes can be constructed using a “hedonic method” that adjusts for changes in the quality of a product. This handbook sets out best practice for constructing hedonic indexes.
Author :
Publisher :
Page : pages
File Size : 24,87 MB
Release : 2004
Category :
ISBN :
Author : W. Erwin Diewert
Publisher : University of Chicago Press
Page : 531 pages
File Size : 27,40 MB
Release : 2010-02-15
Category : Business & Economics
ISBN : 0226148572
Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
Author : Anna Król
Publisher : Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Page : 133 pages
File Size : 47,58 MB
Release : 2020-06-01
Category : Business & Economics
ISBN : 8376957902
The measurement of price dynamics is by no means new endeavourin the official statistics but the process of establishing accurate price changes in time still remains challenging in many areas. One such demanding field is the application of appropriate techniques in price index development for providing amendments reflecting quality differences which might occur in the compared commodities. The book presents results of research on the applicability of hedonic methods in adjusting price indices to changes in the goods quality and test the techniques used for hedonic price indices construction using the data sets for various groups of heterogeneous goods, including used automobiles, appartments, household appliances and ICT goods.
Author : Mick Silver
Publisher : International Monetary Fund
Page : 38 pages
File Size : 15,73 MB
Release : 2007-10-01
Category : Business & Economics
ISBN : 1451867980
Statistical offices try to match item models when measuring inflation between two periods. However, for product areas with a high turnover of differentiated models, the use of hedonic indexes is more appropriate since they include unmatched new and old models. There are two main competing approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (HD) indexes. This study provides a formal analysis of exactly why the results from the two approaches may differ and discusses the issue of choice between these approaches. An illustrative study for desktop PCs is provided.
Author : International Labour Office
Publisher : International Labour Organization
Page : 578 pages
File Size : 36,51 MB
Release : 2004-08-25
Category : Business & Economics
ISBN : 9789221136996
The consumer price index (CPI) measures the rate at which prices of consumer goods and services change over time. It is used as a key indicator of economic performance, as well as in the setting of monetary and socio-economic policy such as indexation of wages and social security benefits, purchasing power parities and inflation measures. This manual contains methodological guidelines for statistical offices and other agencies responsible for constructing and calculating CPIs, and also examines underlying economic and statistical concepts involved. Topics covered include: expenditure weights, sampling, price collection, quality adjustment, sampling, price indices calculations, errors and bias, organisation and management, dissemination, index number theory, durables and user costs.
Author : OECD
Publisher : OECD Publishing
Page : 705 pages
File Size : 12,63 MB
Release : 2010-04-06
Category :
ISBN : 9264085416
A joint production by six international organizations, this manual explores the conceptual and theoretical issues that national statistical offices should consider in the daily compilation of export and import price indices. Intended for use by both ...
Author : National Research Council
Publisher : National Academies Press
Page : 349 pages
File Size : 28,39 MB
Release : 2002-03-25
Category : Political Science
ISBN : 0309074428
How well does the consumer price index (CPI) reflect the changes that people actually face in living costsâ€"from apples to computers to health care? Given how it is used, is it desirable to construct the CPI as a cost-of-living index (COLI)? With what level of accuracy is it possible to construct a single index that represents changes in the living costs of the nation's diverse population? At What Price? examines the foundations for consumer price indexes, comparing the conceptual and practical strengths, weaknesses, and limitations of traditional "fixed basket" and COLI approaches. The book delves into a range of complex issues, from how to deal with the changing quality of goods and services, including difficult-to-define medical services, to how to weight the expenditure patterns of different consumers. It sorts through the key attributes and underlying assumptions that define each index type in order to answer the question: Should a COLI framework be used in constructing the U.S. CPI? In answering this question, the book makes recommendations as to how the Bureau of Labor Statistics can continue to improve the accuracy and relevance of the CPI. With conclusions that could affect the amount of your next pay raise, At What Price? is important to everyone, and a must-read for policy makers, researchers, and employers.
Author : Mick Silver
Publisher :
Page : 0 pages
File Size : 43,44 MB
Release : 2004
Category :
ISBN :
We consider three approaches to estimating quality-adjusted price changes: (i) the dummy variable approach from a hedonic regression, (ii) a superlative or exact hedonic index and (iii) a matching technique - a technique akin to that used by statistical offices. The dummy variable approach is prevalent in the literature and has been used for independent estimates of quality changes when commenting on sources of error in consumer price indexes. However, the availability of scanner data provides an opportunity to utilize data on the prices (unit values), volumes and quality characteristics of a much wider range of transactions and to consider methods less restrictive than the dummy variable approach. The practical use of superlative or exact hedonic index and matching techniques using scanner data is explored, and the results from all three methods are compared. A feature of the paper is the breadth of the empirical work. It not only encompasses three different approaches, but extends across four different types of consumer durables. The manner in which the three approaches relate to each other is explored and the implications for quality-adjusted price changes is discussed.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 574 pages
File Size : 41,13 MB
Release : 2004-08-25
Category : Business & Economics
ISBN : 9789221136996
The consumer price index (CPI) measures the rate at which the prices of consumer goods and services are changing over time. It is a key statistic for economic and social policymaking and has substantial and wide-ranging implications for governments, businesses, and households. This important and comprehensive Manual provides guidelines for statistical offices and other agencies responsible for constructing CPIs, and explains in-depth the methods that are used to calculate a CPI. It also examines the underlying economic and statistical concepts and principles needed for making choices in efficient and cost-effective ways, and for appreciating the full implications of those choices.