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Index
Pages 319-332

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From page 319...
... Index A ACNielsen, 266, 270-271 Aggregation. See also Subgroup across consumers, 26-27 ~ indexes across households, 4, 45, 79, 223-226, 230231, 240-246 for COGIs, 43, 77-79 for COLIs, 4, 15, 51-52, 53, 61-62, 85-86, 242 conceptual issues, 39, 51-52 in CPI, 15, 23-24, 243-244, 305, 308, 311 data collection issues, 27 defined, 305 demand, 243, 244 democratic indexes, 4, 5, 26-27, 45, 77-79, 86, 235 n.9 expenditure-weighted averaging, 26, 52, 60 geometric means formula, 5, 23, 24, 39, 50, 60, 77, 127, 210, 215 n.24, 279-280, 308 heterogeneity issue, 4, 26, 125 n.l8, 223226, 229, 240-241 of individual price indexes, 44-45, 215, 235 n.9 lower-level, 23, 61-62, 309 319 mathematical approach, 77-79 in MCPI, 182, 188 national indexes, 4, 25, 26, 46, 87, 214, 219-221 plutocratic indexes, 4, 5, 26-27, 45, 77-79, 86, 235 n.9 population average of budget shares, 79 quality change adjustments and, 125 n.l8 recommendations, 240-241 representative consumer concept, 241-246 strata indexes, 235 n.9 substitution effects and, 24-25, 26, 52 in superlative indexes, 52, 53, 215 upper-level, 24, 199, 311 user costs and, 34, 72 in wage indexes, 200-201 American Housing Survey, 11, 36, 147 Apparel, 29, 67, 72, 117, 118, 120 nn.ll&l2, 124, 130, 142, 147, 227 Appliances and electronics, 6-7, 72, 114, 131, 138, 141, 147, 148, 163 n.l2, 233 n.7.
From page 320...
... Survey, 11, 36, 37, 263, 281-282, 306 Commodity analysts (BLS) , 107, 116, 118, 125, 134, 138-139, 306 Comparison situation conceptual issues, 41, 42, 48-49, 51 period-based, 41, 306, 310, 311 place-based, 66-67, 69-70 Compensating variation, 48, 81, 153 Compensation issues child support, 209 COGI and, 70, 71 COLI and, 48, 51, 58, 61, 70-71, 81 conceptual bases for indexes, 48, 51, 58, 61, 70-71, 81 domain considerations, 21, 70, 103-105 employer-paid benefits, 21, 98, 103-105 homeowners, 70-71, 72 MCPI components and, 186 social security recipients, 40, 43, 48 and standard of living, 48 superlative indexes, 60, 61, 191 Computers, 29, 109, 110, 117, 120 n.l2, 124, 127, 129, 130, 134, 135, 140, 142, 147, 156, 166 Conceptual bases for indexes aggregation of prices, 39, 51-52 availability of data and, 15, 42-43, 50 basket price (cost-of-goods)
From page 321...
... price index, 6, 60-61, 91-93, 194 Constant utility index, 14 Consumer demand functions, 49-50, 306 Consumer Expenditure Survey (CEX) , 42, 79, 213 accuracy, 12, 36, 253-256, 261 cost, 234, 253, 261 defined, 306, 307 description of, 189, 238, 244, 280-281 Diary Survey, 257, 280-281 expenditure weights, 11-12, 36, 253-256, 261, 274-275 frequency, 164-165, 256-257, 275 NIPA expenditure estimates compared, 214 POPS integrated with, 37, 264-266, 275 Quarterly Interview Panel Survey, 257, 280 questionnaire and structural issues, 36, 261262 research needs, 11-12, 261, 274-275 sample size, 12, 36, 131 n.25, 257-261 321 scanner technology and, 271-272 subgroup data, 4, 203 n.ll, 227, 234, 236, 247, 248, 255, 259 substitution with new goods, 164-165 uses, 252, 261, 277, 281 Consumer Price Index (CPI)
From page 322...
... aggregation, 4, 15, 51-52, 53, 61-62, 85-86, 242 base period, 80-81, 82, 91, 92 calculation, 43-44, 49-50, 172 CES, 91-93 choice-based, 53-55, 57 COGI compared, 2-3, 16, 18-19, 24, 38-39, 57-72 comparison period, 41, 48-49, 51, 53 compensation calculation, 48, 51, 58, 61, 70-71, 81, 153 conceptual bases, 2-3, 14, 15, 16, 18-19, 38-39,41,43,46-53,57,58,65-68,69, 79-93, 283-292 conditional, 3, 4, 39, 65-68, 69, 70, 73, 8690, 94-96, 115, 306 cost/expenditure function, 80, 82, 83-84, 85, 86, 89-90 counterfactual cost, 80, 91 criticisms and controversies, 15-16, 52-53 data collection, 289-292 defined, 2, 15, 95, 306 demand functions, 49-50, 63, 83, 84 democratic, 52, 242, 288, 292 domain, 3-4, 17, 19-21, 39, 65-68, 69, 70, 73, 86-90, 94-100, 104, 306 equivalent variation, 81, 153 expenditure, 195 Fisher ideal index as, 50, 52, 60, 286, 287, 288 geometric means formula, 5, 23, 24, 39, 50, 60, 77, 127, 210, 215 n.24, 279-280, homotheticity of preferences, 49, 50-51, 60, 82, 84, 308 income effects, 2, 90 index numbers, 80, 91 indifference curve, 80, 86, 90, 91 item replacement methods, 110 Laspeyres-Paasche index relationship in, 23, 47, 48-49, 51, 80-82, 87, 90-91, 285, 287-289 mathematical approach, 79-83, 90-91 medical care, 19, 86-90 multiperiod, 104 n. lo new goods bias, 8, 31, 160, 161
From page 323...
... See also Conceptual bases for indexes; Domain of indexes; Public transfer payment indexing; Social security benefits and conceptual framework, 11, 40, 42, 43, 97, 191-192 inflation-indexed treasury securities, 192, 210-212
From page 324...
... See also Design of indexes COGI, 19, 65-66, 94, 95 compensation issues, 21, 70, 103-105 conceptual issues, 3, 65-68, 94, 96-98 conditional COLI, 4, 39, 65-68, 69, 70, 73, 86-90, 95-96, 306 CPI, 3-4, 16, 17, 19-21, 73, 94, 105 cross-place comparisons, 66-67 current practice, 65 and economic indicators, 97 employer-paid benefits, 21, 98, 103-105 environmental variables, 4, 16, 19-20, 6667, 73, 94-102, 105 MCPI, 9, 10, 95, 97-98, 178-179, 185-186, 189-190, 220 measurement problems, 20, 21, 97, 98-102 NIPA, 220 public goods, 4, 19-21, 94, 96, 98-102, 104 and public transfer programs, 97 quality changes and, 67, 95, 97-98, 101 recommendations, 4, 105 separability issue, 68 substitution and, 66, 95 superlative indexes, 95-96 supplemental indexes and satellite accounts, 4, 101-102, 103, 105 taxes and, 20-21, 97, 102-103 technological changes and, 67-68, 88-89, 97 unconditional COLI, 4, 17, 66, 68, 69, 70, 96-98 INDEX Durable goods, 71-72, 230 n.4 DVDs, 131, 138 E e-Commerce, 170-173 Econometric modeling of demand functions, 49-50, 63 of new goods, 160 of quality adjustments, 63, 64, 139, 145-146 Economic theory of consumer behavior, 2, 19, 40, 46-53, 58, 79, 83, 110, 242, 243 Elderly, price indexes for, 11, 196- 197, 199, 207, 228-229, 249-251 Employer-paid benefits, 9, 10, 21, 98, 103- 105, 179, 201, 220 Employment Cost Index (ECI) , 201 Entry-level items (ELI)
From page 325...
... See also Subgroup indexes across-stratum, 223-224, 227, 229 and aggregation, 4, 26, 125 n.l8, 223-226, 229, 240-241 and construction of indexes, 18, 26, 226, 240-241 and data collection methods, 223, 241 and hedonic quality adjustment methods, 124-125 and inflation rates, 222, 225-226 and outcomes-adjusted medical index, 184 in prices paid, 46, 225-226, 227 n.3 public goods preferences, 99 n.6 in substitution behavior, 26, 224 within-stratum, 223, 227-228 Household aggregation across, 4, 223-226, 240-246 disaggregation into individual members, 45 furnishings and equipment, 72, 254 modeling non-unitary behavior, 45 production function, 123 n.l6 scanner technology, 271 -272 Housing. See Shelter I Imputation of prices, 121, 136, 159, 305 Income distribution, 24-25, 26, 53, 199, 206, 227, 239-240, 243 Income effects, 2, 90, 224 Index drift, 167, 168 n.17, 257, 308 Indifference curve, 80, 86, 90, 91 Individual price indexes, 44-46, 78-79
From page 326...
... See also Substitution class-mean method, 117, 118, 119, 121, 134 n.30, 136-137, 139, 305-306 COLIcalculations, 110 comparability decisions by analysts, 6, 28, 29, 116-117, 118, 134-139, 140, 142, 145 defined, 106, 309 deletion method, 117, 118, 119-120, 125, 128, 135, 136-137, 139, 305, 307 direct comparison method, 109, 116- 118, 139, 307 explicit cost-based adjustment, 28-29, 118119, 125, 134, 307-308 in-store procedure, 125, 126, 134, 156 overlap pricing, 117, 118, 119, 310 quality adjustments, 28-29, 31, 106, 110, 116-121, 125, 130-132, 135, 156 research recommendations, 141 targeted, 8, 130-132, 164, 166 within-sample, 156, 161 Item rotation, 31, 164, 168 Item strata, 23, 156, 162, 164, 167, 307, 309, 311 Item weighting, 247-248, 309 INDEX K Konus, Alexander, 23 L Laspeyres index, 308 advantages, 44, 60, 75-76 aggregation, 77-79, 86 and COLI, 47, 48-49, 50, 51, 53, 59, 80-82, 87, 90-91 complexity, 58 conceptual basis, 42 defined, 42, 44, 309 democratic, 242 domain, 68 escalation with, 81, 215 as inflation indicator, 218, 247, 248 introduction of new goods, 158 n.6, 161162 mathematical approach, 74-79 modified for CPI, 25, 62, 97 n.2, 111, 114, 168 n.l7, 272-273, 306, 309 national vs. individual, 44-46, 78 outlet rotation and, 168 n.l7 quality adjustments, 111-112, 129, 152, 153, 154 quantity used for pricing, 72, 78, 82-83 representative agent, 246, 247, 248 seasoned, 62 substitution bias, 5, 21-23, 24, 59, 60, 62, 251 n.20 utility function, 92 weights, 45, 75 Law of one price, 169 n.l8, 172, 180, 187 Life expectancy, 4, 20, 28, 67, 73, 96, 97-98, 184 Link period, 309 M Macroeconomic policy, inflation indicators for, 1, 35, 40, 97, 192, 216-221 Marshall Edgeworth price index, 77 Medical Care Price Index (MCPI)
From page 327...
... introductory price, 8, 31, 157-160, 311 weight updating, 32, 155, 163, 166, 167 welfare effects, 31, 157, 159, 160 New outlets. See Outlet rotation; Outlet substitution Nonlinear pricing, 107 Nonsampling errors, 260 n.5 Norwood, Janet, 228 o Outcome pricing, 190 Output deflation, 1, 13-14, 35, 98, 101-102, 214-216, 218, 240 Outlet rotation cross-outlet price linking, 169, 171 current practice, 167-173 defined, 309 e-commerce and, 170-173 hedonic techniques applied to, 174, 176 market shift to discount stores and, 8, 33, 169-170, 173, 176 new-product introduction, 7, 31, 32, 135, 155, 164, 168 pricing components, 9, 171, 172, 174-175, 176, 263 probability of selection, 167-168 purpose, 167-168 quality-related issues, 8-9, 32-33, 168-170, 171, 172, 173, 174-175, 176 recommendations, 9, 176- 177 sampling frequency, 33, 164, 173 substitution bias, 8, 33, 128, 168 n.l6, 170, 172, 173-174
From page 328...
... democratic indexes, 198-199, 240 poverty-related programs, 206-207, 247 recommendations, 194-195 social security adjustments, 13, 25, 193199, 200, 204-206 SSI, 193, 206 for subgroups, 192-193, 206, 231 tax considerations, 195-196 wage indexes, 199-206 Pure price changes, 29, 127, 216, 230 Q Quality change adjustments and aggregation, 125 n.l8 apparel, 29, 117, 118, 120, 130, 147
From page 329...
... renters, 70-71, 72 item category, 307
From page 330...
... See also Consumer substitution and aggregation, 24-25, 26, 52 bias, 59-62, 93, 113, 128, 147, 168 n.l6, 170, 172, 173-174, 248 n.l8 CPI, 15-16, 23-25, 113, 224, 230 data collection methods and, 269 elasticity of, 6, 60-61, 91-93, 194, 269 input, 10, 181-184, 188-189 lower-level, 147, 309 new goods, 164-165 outlet, 118, 128, 135, 168 n.l6, 170, 172, 173- 174, 310 upper-level, 311 within-strata effect, 5 Superlative indexes. See also Fisher ideal index; Tornqvist index; Walsh price index advance estimate of, 195 aggregation, 52, 53, 215 as COLI approximation, 50-51, 57, 95-96 compensation calculations, 60, 61, 194- 195 conceptual bases, 50-51, 53, 83-85 data collection for, 259, 272-273 defined, 308, 311 domain, 95-96 endorsement for CPI, 97 n.2 environmental variables, 53, 87, 95-96 as inflation indicator, 218, 248 introduction of new goods, 162 n.
From page 331...
... COLI, 2, 16, 24-25, 69-70 conceptual issues, 53, 59, 64, 67, 69-70 domain issues, 67, 69, 95 habit formation, 70 and quality changes, 16, 64, 69, 110 n.3 and substitution effect, 25 Tax-and-price index, 195-196 Taxes aggregation across households, 4 consumer heterogeneity and, 226 data collection issues, 270 democratic vs. plutocratic weights, 240 design of indexes, 35, 40, 43, 192, 212-214 direct consumption costs, 213 domain issues, 20-21, 97, 102- 103 exact indexation measure, 213 -214 indirect, 102 n.8, 195 public goods offset to, 20-21, 102-103 and public transfer program indexing, 97, 195-196 rate-related indexing, 13, 40, 43, 212-214 Taylor series approximation, 90-91 Technological change, 45, 53 domain issues, 67-68, 88-89, 97 "new goods" effect, 67-68, 162 Televisions, 29, 110, 130, 133, 135, 137, 142, 147 Test approach, 41-42, 50, 68, 267 Theoretical bases of indexes basket-price, 43-46 and conceptual basis, 39, 40, 43-58, 73, 74- Wage indexes 93 cost-of-living, 2, 15, 40, 46-53, 58, 79, 83, 86, 110, 113 CPI, 4, 73 criticisms of, 40, 52-53 satisfaction and, 47, 55-57 utility and choice and, 47, 53-55, 110 n.3 331 Tiebout hypothesis, 99 n.6 Time reversal test, 76-77 Tornqvist index, 85, 93, 248, 311 Transaction costs, 71, 72 Transfer payments.
From page 332...
... 332 mean wage measure, 202, 203 n.10 median wage measure, 202, 205 quality adjustments in, 204 social security benefits tied to, 11, 199, 200, 204-206 Walsh price index, 77, 85 Weighted arithmetic mean, 75, 215 n.24 Weighted harmonic mean, 75, 79 Weights/weighting across-stratum, 227 democratic, 45, 78, 237-240 expenditure, 26, 45, 60, 76 n.l, 86, 166, 167, 198, 227, 307 fixed-weight index, 308 INDEX item (upper-level) , 97 n.2, 309 Laspeyres index, 45, 75 MCPI, 9, 179, 180, 182, 183, 184, 185, 186, 189, 214 n.22, 220 for new products, 8, 32, 155, 163, 166, 167 plutocratic, 45, 78, 79, 237-240 updating, 8, 32, 96, 155, 163, 166, 167 Welfare effects, 31, 157, 159, 160, 242 Welfare index, 14 Well-being, inputs to, 109-110, 115 Within-sample item replacement, 156, 161 quality adjustments, 115, 121-122


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