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A non-parametric bound on substitution bias in the UK retail prices index

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  • Laura Blow

    ()
    (Institute for Fiscal Studies)

  • Ian Crawford

    ()
    (Institute for Fiscal Studies and University of Oxford)

Abstract

This paper uses revealed preference restrictions and nonparametric statistical methods to bound true cost-of-living indices. These are compared to the popular price indices including the type used to calculated the UK RPI. This is used to assess the method of calculating the RPI for substitution bias.

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File URL: http://www.ifs.org.uk/wps/wp9915.pdf
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Bibliographic Info

Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W99/15.

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Length: 36 pp.
Date of creation: May 1999
Date of revision:
Handle: RePEc:ifs:ifsewp:99/15

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  1. Robinson, Peter M, 1988. "Root- N-Consistent Semiparametric Regression," Econometrica, Econometric Society, vol. 56(4), pages 931-54, July.
  2. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  3. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
  4. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
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