The Cost of Living with the RPI: Substitution Bias in the UK Retail Prices Index
利用显示偏好约束和非参数统计方法，估算最接近英国零售价格指数（RPI）的真实生活成本指数，并评估RPI公式中的替代偏差，发现RPI记录的通胀率存在可变但通常为正的偏差。
This paper uses revealed preference restrictions and nonparametric statistical methods to bound the true cost-of-living index which corresponds most closely to the UK Retail Prices Index (RPI). This is used to assess the RPI formula for substitution bias. We show that neither the direction nor the existence of bias in the RPI formula can be established on a priori theoretical grounds. However, we find empirical evidence of a variable, but generally positive bias in the rate of inflation recorded by the RPI formula.