Using Scanner Data to Construct CPI Basic Component Indexes
AbstractThis article considers how scanner data could be used in constructing component indexes for the U.S. Consumer Price Index. One product, coffee, in two cities generates over 1.8 million observations in just over two years, so coping with the sheer volume of data would be a challenge. Some other findings are (1) some aggregation of prices into 'unit-value' averages is necessary for practical reasons and to avoid bias, (2) chained Laspeyres indexes are very high, (3) 'modified' Laspeyres indexes have some upward bias but much less than a true Laspeyres index, (4) Fisher ideal or modified Edgeworth indexes perform well, and (5) aggregating prices across outlets to form city-level unit values reduces the discrepancies between index-number formulas.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 17 (1999)
Issue (Month): 2 (April)
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- Diewert, Erwin & Fox, Kevin J. & Ivancic, Lorraine, 2009.
"Scanner Data, Time Aggregation and the Construction of Price Indexes,"
Economics working papers
erwin_diewert-2009-48, Vancouver School of Economics, revised 22 Sep 2009.
- Ivancic, Lorraine & Erwin Diewert, W. & Fox, Kevin J., 2011. "Scanner data, time aggregation and the construction of price indexes," Journal of Econometrics, Elsevier, vol. 161(1), pages 24-35, March.
- Melser, Daniel & Syed, Iqbal, 2007. "Life Cycle Pricing and the Measurement of Inflation," MPRA Paper 16722, University Library of Munich, Germany, revised 07 Jul 2008.
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in: Scanner Data and Price Indexes, pages 123-150
National Bureau of Economic Research, Inc.
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- Kota Watanabe & Tsutomu Watanabe, 2014. "We construct a TÃ¶rnqvist daily price index using Japanese point of sale (POS) scannerdata spanning from 1988 to 2013. We find the following. First, the POS based inflation rate tends to be about 0.," CARF F-Series CARF-F-342, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- Ivancic, Lorraine & Fox, Kevin J., 2013.
"Can dissimilarity indexes resolve the issue of when to chain price indexes?,"
Elsevier, vol. 118(1), pages 6-9.
- Lorraine Ivancic & Kevin J. Fox, 2010. "Can Dissimilarity Indexes Resolve the Issue of When to Chain Price Indexes?," Discussion Papers 2010-16, School of Economics, The University of New South Wales.
- Jack E. Triplett, 2003. "Using Scanner Data in Consumer Price Indexes. Some Neglected Conceptual Considerations," NBER Chapters, in: Scanner Data and Price Indexes, pages 151-162 National Bureau of Economic Research, Inc.
- Iqbal Syed & Daniel Melser, 2008. "Prices over the Product Life Cycle: An Empirical Analysis," Discussion Papers 2008-25, School of Economics, The University of New South Wales.
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