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Why Elementary Price Index Number Formulas Differ : Price Dispersion and Product Heterogeneity
- Author / Creator
- Available as
- Online
- Summary
-
The Consumer Price Index Manual (2004) provides guidelines for aggregation formulas that are promulgated at IMF training courses and technical assistance missions. This paper develops elementary le...
The Consumer Price Index Manual (2004) provides guidelines for aggregation formulas that are promulgated at IMF training courses and technical assistance missions. This paper develops elementary level aggregation theory to better inform users and compilers. Most countries use either the Dutot or Jevons index formula. These formulas generally give different results; advice on choice of formula matters. Using an approach based on sample estimators, and an illustration based on scanner data, the paper shows how differences in these formulas can be explained by changes in price dispersion and, in turn, by product heterogeneity. Implications for choice of formula are considered.
Details
- Creator
- Mick Silver, Saeed Heravi
- Format
- Books
- Language
- English
- Contributors
- Publication
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- 1st ed
- Washington, D.C. : International Monetary Fund, 2006
- Physical Details
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- 1 online resource (18 p.)
- ISBNs
- 1462305407, 1451985320, 128253131X, 145198703X, 9786613821881, 1451864345
- OCLC
- ocn698585703
- "July 2006."
- Includes bibliographical references.
- English
- ""Contents""; ""I. INTRODUCTION""; ""II. ELEMENTARY INDEX NUMBER FORMULAS, THEIR USE AND JUSTIFICATION""; ""III. DIFFERENCES BETWEEN THE JEVONS AND DUTOT FORMULAS""; ""IV. EMPIRICAL WORK""; ""V. IMPLICATIONS FOR CPI COMPILATION""; ""VI. SUMMARY""; ""Data Annex""