By National Research Council, Division of Behavioral and Social Sciences and Education, Commission on Behavioral and Social Sciences and Education, Committee on National Statistics, Measurement, and Other Statistical Issues in Developing Cost-of-Living Inde
How good does the shopper expense index (CPI) replicate the alterations that folks truly face in residing charges - from apples to desktops to wellbeing and fitness care? Given the way it is used, is it fascinating to build the CPI as a cost-of-living index (COLI)? With what point of accuracy is it attainable to build a unmarried index that represents adjustments within the residing expenses of the nation's assorted inhabitants? "At What Price?" examines the rules for customer fee indexes, evaluating the conceptual and sensible strengths, weaknesses, and boundaries of conventional "fixed basket" and COLI approaches.The ebook delves right into a variety of complicated matters, from find out how to take care of the altering caliber of products and companies, together with difficult-to-define scientific companies, to the way to weight the expenditure styles of alternative shoppers. It kinds during the key attributes and underlying assumptions that outline each one index sort to be able to resolution the query: may still a COLI framework be utilized in developing the U.S. CPI? In answering this question, the e-book makes ideas as to how the Bureau of work records can proceed to enhance the accuracy and relevance of the CPI. With conclusions that can have an effect on the quantity of your subsequent pay elevate, "At What Price?" is necessary to all people, and a must-read for coverage makers, researchers, and employers.
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Additional resources for At What Price?: Conceptualizing and Measuring Cost-of-Living and Price Indexes
Chapter 5 first discusses two issues related to the introduction of new goods: (1) what criteria should determine when and how new goods are introduced into the index and (2) should estimates of “virtual price” decreases associated with their introduction be made and incorporated into the CPI? The second part of the chapter addresses how changes in the patterns of consumer patronage among different types of retail outlets affect living costs and price indexes. The panel specifically considers what, if anything, BLS could do to identify and estimate quality and pure price components of differences in the observed prices of goods across outlets.
In the 1920s American economist Irving Fisher proposed what he called an “ideal” index that is formed as the geometric mean (the square root of the product) of Laspeyres and Paasche indexes and thus incorporates information about consumer spending patterns from both the base and comparison periods (see Fisher, 1922). In a 1924 article (not available in English until 1939), Russian economist Alexander Konus formally showed how to construct a cost-of-living index as the ratio of the minimum costs required for a consumer to achieve a given standard of living.
Chapter 2 considers alternative conceptual foundations for the CPI, specifically COGI and COLI approaches. The chapter steps through the key attributes (many of which are taken up in greater detail later in the report) that define price and cost-of-living indexes and examines the relative strengths, weaknesses, limitations, and implications associated with each of these approaches. Chapter 3 presents the panel’s assessment of what goods, broadly defined, are appropriate for inclusion in the scope of CPI coverage.
At What Price?: Conceptualizing and Measuring Cost-of-Living and Price Indexes by National Research Council, Division of Behavioral and Social Sciences and Education, Commission on Behavioral and Social Sciences and Education, Committee on National Statistics, Measurement, and Other Statistical Issues in Developing Cost-of-Living Inde