Product Turnover and the Cost-of-Living Index: Quality versus Fashion Effects
利用日本1988-2013年扫描数据，评估产品更替对基于福利的生活成本指数的影响，区分了质量效应和时尚效应，发现新产品的价格和数量通常高于退出产品，时尚效应显著但质量效应随时间递减，且基于该方法的生活成本指数与仅使用匹配样本的价格指数差异不大。
This paper evaluates the effects of product turnover on a welfare-based cost-of-living index by incorporating the quality effect and the fashion effect. Employing scanner data for Japan for the years 1988–2013, we find that (i) the price and quantity of a new product tend to be higher than those of its predecessor at its exit; (ii) a considerable fashion effect exists for the entire sample period, while the quality effect is declining over time; and (iii) the discrepancy between the cost-of-living index estimated based on our methodology and the price index constructed only from a matched sample is not large.