quality bias cpi
As discussed earlier, one-fifth of the sample is replaced each year. the annual level of the deficit will be lower by about $55 billion after five years." In Diewert, W. E., and C. Montmarquette, eds., Price Level Measurement: Proceedings from a Confmce Sponsored by Statistics Canada. Quality bias is when changes in quality cause an inflation statistic to be inaccurate. Each month two of the outlets sell the item at full price, $2.00, while at one of the outlets the item is on sale for $1.25. If period 0represents the link month, then the base- price setting method formerly used by the CPI reduces to CSIJ,(Pl,/fi,,), where SIJ, = ElJ,/CElj, is the base- period expenditure share. The various 'guesstimates' in these sources are not independent of each other." For example, the observed valuation of computers with different processor speeds could be used to estimate the quality improvement of a new computer with a faster processor.
For example, should an escalator intended for a specific demographic group, such as Social Security recipients, reflect the expenditure patterns of that group? BLS Working Paper No. This "simultaneity" problem has not been adequately addressed in these studies of substitution effects. 209-26.MacDonald, James M., and Paul E. Nelson, Jr., "Do the Poor Still Pay More? Chicago: University of Chicago Press, 1990.Gordon, Robert J., "Prepared Statement." This narrated PPT describes the CPI, its measurement, sources of bias, and examples of how it is used. In "Consumer Price Index: Hearings Before the Committee on Finance, United States Sen- ate."
Chicago: University of Chicago Press, 1983a, pp. . 263, Washington, D.C., 1995.Armknecht, Paul A., Walter F. Lane, and KennethJ. The purposes for which an index is to be used are clearly relevant in determining how an index is to be defined. In Foss, M. F., M. E. Manser, and A. H. Young, eds., Price Memurements and Their Uses. Larger biases would have a more dra- matic impact. The CPI has used hedonic methods since 1988 for calculating the effects of depreciation on rent, and since 1991 for quality changes in apparel.15When hedonic methods aren't practical, then some other method must be found for linking or imputing the effect of the quality change on price. 44-48.Randolph, William C., "Housing Depreciation and Aging Bias in the Consumer Price Index,"Journal of Business and Economic Statistics, July 1988, 6:3, 359-71.Reimdorf, Marshall,"The Effect of Outlet Price Differentials in the U.S. Consumer Price Index." However, the consumer"he selection of samples according to formal rules of probability, as well as the regular replacement of samples, were processes introduced in 1978in response to recommendations made by the Stigler Com- mission, a committee of eminent economists and statisticians charged with reviewing government price statistics (Stigler, 1961).
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