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Aggregate Price Indices, New Goods, and Generics

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Author Info

  • Fisher, Franklin M
  • Griliches, Zvi

Abstract

This paper examines the appropriate treatment in the cost-of-living index of the appearance of new varieties of old goods. Existing theory here applies to individual households. Thus, the authors first show in what sense Laspeyres and Paasche indices for groups of households can be considered approximations to theoretically desirable group indices and then go on to the case of new goods. The authors apply their results to the case of the introduction of generics in pharmaceuticals and show that proper treatment can make a considerable difference. Copyright 1995, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 110 (1995)
Issue (Month): 1 (February)
Pages: 229-44

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Handle: RePEc:tpr:qjecon:v:110:y:1995:i:1:p:229-44

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Web page: http://mitpress.mit.edu/journals/

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Cited by:
  1. Charles R. Hulten, 1997. "Quality change in the CPI," Review, Federal Reserve Bank of St. Louis, issue May, pages 87-100.
  2. David M. Cutler & Mark McClellan & Joseph P. Newhouse & Dahlia Remler, 1999. "Pricing Heart Attack Treatments," NBER Working Papers 7089, National Bureau of Economic Research, Inc.
    • David M. Cutler & Mark B. McClellan & Joseph P. Newhouse & Dahlia K. Remler, 2001. "Pricing Heart Attack Treatments," NBER Chapters, in: Medical Care Output and Productivity, pages 305-362 National Bureau of Economic Research, Inc.
  3. Leonard I. Nakamura, 2008. "Intangible assets and national income accounting," Working Papers 08-23, Federal Reserve Bank of Philadelphia.
  4. Matthew D. Shapiro & David W. Wilcox, 1996. "Mismeasurement in the Consumer Price Index: An Evaluation," NBER Chapters, in: NBER Macroeconomics Annual 1996, Volume 11, pages 93-154 National Bureau of Economic Research, Inc.
  5. Armstrong, Keir G., 2001. "Microeconomic Foundations for the Theory of International Comparisons," Journal of Economic Theory, Elsevier, vol. 101(2), pages 585-605, December.
  6. Ernst R. Berndt & David M. Cutler & Richard G. Frank & Zvi Griliches & Joseph P. Newhouse, 1998. "Price Indexes for Medical Care Goods and Services: An Overview of Measurement Issues," NBER Working Papers 6817, National Bureau of Economic Research, Inc.
  7. Adam Copeland, 2013. "Seasonality, consumer heterogeneity and price indexes: the case of prepackaged software," Journal of Productivity Analysis, Springer, vol. 39(1), pages 47-59, February.
  8. Angus Deaton, 1998. "Getting Prices Right: What Should Be Done?," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 37-46, Winter.
  9. Ana Aizcorbe & Nicole Nestoriak, 2010. "Price Indexes for Drugs: A Review of the Issues," BEA Working Papers 0050, Bureau of Economic Analysis.
  10. Julien Werle & Vincent Perrin & Edouard Martin & Stéphane Jacobzonne, 1997. "Une approche hedonique de la formation des prix des médicaments remboursables," Économie et Prévision, Programme National Persée, vol. 129(3), pages 73-99.
  11. Leonard I. Nakamura, 2009. "Intangible assets and national income accounting: measuring a scientific revolution," Working Papers 09-11, Federal Reserve Bank of Philadelphia.
  12. Petit, Pascal & Soete, Luc, 2001. "Is a biased technological change fueling dualism?," CEPREMAP Working Papers (Couverture Orange) 0103, CEPREMAP.
  13. Joan Ramon Borrell Arque, 1997. "Prices of Medicines a Case-Study on the impact of the rate-of-return regulation in the United Kingdom," Working Papers in Economics 21, Universitat de Barcelona. Espai de Recerca en Economia.

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