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Random Errors and Superlative Indexes (Paperback) Loot Price: R219
Discovery Miles 2 190
You Save: R55 (20%)
Random Errors and Superlative Indexes (Paperback): John S. Greenlees

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Random Errors and Superlative Indexes (Paperback)

John S. Greenlees

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List price R274 Loot Price R219 Discovery Miles 2 190 You Save R55 (20%)

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This paper demonstrates that random sampling error in CPI price and expenditure data at the item-area level can have a distorting effect on empirical cost-of-living indexes computed using those data. In particular, the expected values of the Fisher Ideal and Tornqvist indexes can be distorted downward by random error in basic index relatives. This, in turn, can cause the estimated Laspeyres substitution bias in the CPI to be overestimated. The issue is illustrated empirically using CPI data for the period 1987 through 1995. Estimated substitution bias is sharply higher in each year when smaller CPI "replicate" samples are used to compute indexes than when the full samples-which are subject to less sampling error-are employed. To address this problem, the paper derives and applies a composite-estimation approach, in which CPI item-area indexes are replaced by a weighted average of those indexes and the U.S.-level item indexes. This approach causes the estimated superlative index values to be higher, and the estimated substitution bias consequently lower. For example, in a comparison of annual chain Laspeyres indexes to chain Fisher Ideal indexes the adjusted estimate of substitution bias is about 0.08 percentage point rather than the roughly 0.12 percentage point previously estimated


Imprint: Bibliogov
Country of origin: United States
Release date: August 2012
First published: August 2012
Authors: John S. Greenlees
Dimensions: 246 x 189 x 2mm (L x W x T)
Format: Paperback - Trade
Pages: 28
ISBN-13: 978-1-249-26378-4
Categories: Books > Social sciences > Politics & government
Books > Social sciences > Politics & government > General
LSN: 1-249-26378-6
Barcode: 9781249263784

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