Chapter

Price Index Estimation Using Price Imputation for Unsold Items

Ralph Bradley

in Scanner Data and Price Indexes

Published by University of Chicago Press

Published in print February 2002 | ISBN: 9780226239651
Published online February 2013 | e-ISBN: 9780226239668 | DOI: http://dx.doi.org/10.7208/chicago/9780226239668.003.0013
Price Index Estimation Using Price Imputation for Unsold Items

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This chapter proposes an econometric procedure that assigns a virtual price and contrasts it to other procedures. Imputation of missing prices can be done implicitly or explicitly. Missing prices can be explicitly imputed by “carrying forward” the last recorded price. Sufficient conditions for constructing a price index by taking unit values either across outlets or across items with a particular brand do not hold for the cereal market in New York. Obviously neither the items within a brand nor the outlets are complements. The cereal market does not have the characteristics that are enough for a price index that employs unit values to be a true price index. At least in the cereal market, it seems that the Bureau of Labor Statistics (BLS) imputation method produces indexes with relatively smaller variances and whose results are close in magnitude to the indexes based on the economic approach.

Keywords: missing prices; price index; cereal market; New York; Bureau of Labor Statistics; price imputation

Chapter.  8747 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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