Substitution Bias in Multilateral Methods for CPI Construction
Substitution Bias in Multilateral Methods for CPI Construction
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DOI：
10.1080/07350015.2020.1816176
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发表时间：
2020-10-12
影响因子：
3
通讯作者：
Fox, Kevin J.
中科院分区：
文献类型：
--
作者：
Diewert, W. Erwin;Fox, Kevin J.
使用多边指数是将扫描仪数据纳入消费者物价指数的一种日益被接受的方法。这种吸引力源于能够控制链漂移偏差的能力。在两个关键问题上尚未达成共识：(1)使用的最佳多边方法；(2)当有新的观察结果时，扩大所产生的系列的最佳方式。我们给出了替代方法中替代偏向程度的理论和模拟证据。我们的结果建议使用Caves-Christensen-Diewert-Inklaar指数和一种新的方法--“均值拼接”进行更新。
The use of multilateral indexes is increasingly an accepted approach for incorporating scanner data in a consumer price index. The attractiveness stems from the ability to be able to control for chain drift bias. Consensus on two key issues has yet to be achieved: (i) the best multilateral method to use, and (ii) the best way of extending the resulting series when new observations become available. We present theoretical and simulation evidence on the extent of substitution biases in alternative methods. Our results suggest the use of the Caves-Christensen-Diewert-Inklaar index with a new method, the "mean splice," for updating.