Sources of Bias and Solutions to Bias in the Consumer Price Index
识别了消费者价格指数(CPI)中的四种偏差来源,其中替代偏差产生二阶偏差,而其他三种变化产生一阶偏差,并讨论了利用经济计量方法和扫描数据测量一阶偏差的途径。
Four sources of bias in the Consumer Prices Index (CPI) have been identified. The most discussed is substitution bias, which creates a second order bias in the CPI. Three other changes besides prices changes create first order effects on a correctly measured cost of living index (COLI). I explain in this paper that a “pure price” based approach of surveying prices to estimate a COLI cannot succeed in solving the 3 problems of first order bias. I discuss economic and econometric approaches to measuring the first order bias effects as well as the availability of scanner data that would permit implementation of the techniques.