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A Hedonic Price Index For Airline Travel

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  • David H. Good
  • Robin C. Sickles
  • Jesse C. Weiher

Abstract

Our research takes an exhaustive approach to measurement issues in price index construction for the BLS airfare index. We pursue a number of the objectives for dealing with the biases that the 1997 CPI Commission recommended and detail a protocol for data collection and analysis that can be replicated and can be enhanced by availability of additional data sources. We find an upward bias in the BLS airfare index over the period considered. However, because of issues of practicality and implementability of the methods we utilize in our analysis, the goals of the Commission recommendations remain illusive and problematic in being more broadly applied to other components of the CPI.

Suggested Citation

  • David H. Good & Robin C. Sickles & Jesse C. Weiher, 2008. "A Hedonic Price Index For Airline Travel," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 54(3), pages 438-465, September.
    • Handle: RePEc:bla:revinw:v:54:y:2008:i:3:p:438-465
    DOI: 10.1111/j.1475-4991.2008.00282.x
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    Cited by:

    1. Rolf Färe & Shawna Grosskopf & Robin C. Sickles & Chenjun Shang, 2019. "Pricing Characteristics: An Application of Shephard’s Dual Lemma," World Scientific Book Chapters, in: Pricing Non-marketed Goods using Distance Functions, chapter 8, pages 63-86, World Scientific Publishing Co. Pte. Ltd..
    2. Bhattacharyya, Aditi & Kutlu, Levent & Sickles, Robin C., 2018. "Pricing Inputs and Outputs: Market prices versus shadow prices, market power, and welfare analysis," Working Papers 18-009, Rice University, Department of Economics.
    3. David E. Lebow & Jeremy B. Rudd, 2001. "Measurement error in the consumer price index: where do we stand?," Finance and Economics Discussion Series 2001-61, Board of Governors of the Federal Reserve System (U.S.).
    4. Levent Kutlu & Ran Wang, 2018. "Estimation of cost efficiency without cost data," Journal of Productivity Analysis, Springer, vol. 49(2), pages 137-151, June.
    5. Kutlu, Levent & Sickles, Robin C., 2012. "Estimation of market power in the presence of firm level inefficiencies," Journal of Econometrics, Elsevier, vol. 168(1), pages 141-155.
    6. Park, Byeong U. & Sickles, Robin C. & Simar, Leopold, 2007. "Semiparametric efficient estimation of dynamic panel data models," Journal of Econometrics, Elsevier, vol. 136(1), pages 281-301, January.

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