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Analysis of Price Level Heterogeneity across Households based on the Geary-Khamis Price Index

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  • Abe, Naohito
  • Shiotani, Kyosuke

Abstract

We construct a household price index based on household-level scanner data (homescan data). Instead of the conventional Paasche type price index, in this paper, we apply the Geary-Khamis (GK) method that is commonly used to measure the values of different currencies in international trade. The mathematical properties of the GK price index help identify the complex factors behind household-level price differentials. We ?d that households that buy cereals, manufactured foods, and daily products at weekend bargain rates, reduce their price levels signi?antly. Further, households with children make purchases at lower prices than households without children through frequent bulk purchases at bargain sales. Certain types of shopping behaviors of the elderly lead them to make purchases at higher prices than the young. Speci?ally, shopping at specialized stores, not shopping at home improvement stores, spending less on Sundays, and purchasing the same goods repeatedly increase the price levels for the elderly.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/26496/1/ifd_wp011.pdf
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Paper provided by Research Center for Price Dynamics, Institute of Economic Research, Hitotsubashi University in its series Research Center for Price Dynamics Working Paper Series with number 11.

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Length: 9, [11] p.
Date of creation: Mar 2014
Date of revision:
Handle: RePEc:hit:rcpdwp:11

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  1. Michael R. Baye & John Morgan & Patrick Scholten, 2004. "Price Dispersion in the Small and in the Large: Evidence from an Internet Price Comparison Site," Working Papers 2004-03, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
  2. Jonathan Haskel & Holger Wolf, 2001. "The Law of One Price - A Case Study," NBER Working Papers 8112, National Bureau of Economic Research, Inc.
  3. Mark Aguiar & Erik Hurst, 2005. "Lifecycle Prices and Production," NBER Working Papers 11601, National Bureau of Economic Research, Inc.
  4. Emi Nakamura & Jón Steinsson, 2008. "Five Facts about Prices: A Reevaluation of Menu Cost Models," The Quarterly Journal of Economics, MIT Press, vol. 123(4), pages 1415-1464, November.
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