Measuring Aggregate Price Indices with Taste Shocks: Theory and Evidence for CES Preferences*
提出一种衡量CES偏好下生活成本的方法，将需求冲击视为品味冲击，发现Sato-Vartia价格指数因忽略品味调整价格与支出份额的关联而产生向上偏差，即“品味冲击偏差”。
Abstract We develop an approach to measuring the cost of living for CES preferences that treats demand shocks as taste shocks that are equivalent to price shocks. In the presence of relative taste shocks, the Sato-Vartia price index is upward biased because an increase in the relative consumer taste for a variety lowers its taste-adjusted price and raises its expenditure share. By failing to allow for this association, the Sato-Vartia index underweights drops in taste-adjusted prices and overweights increases in taste-adjusted prices, leading to what we call a “taste-shock bias.” We show that this bias generalizes to other invertible demand systems.