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Price Indexes for Elementary Aggregates Derived from Behavioral Assumptions

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Abstract

This paper discusses the properties of price- and Cost-of-Living indexes that follow from specific assumptions about the structure of consumer preferences. Of particular interest are indexes for elementary aggregates. In the first part of the paper we show how particular indexes for elementary aggregates emerge from a micro model with heterogeneous consumers and unobservable choice sets of product variants. Subsequently, we demonstrate that these indexes also follow from a particular preference structure of a representative consumer. Indexes that are currently used in many countries emerge as special cases of the ones proposed in this paper.

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File URL: http://www.ssb.no/a/publikasjoner/pdf/DP/dp234.pdf
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Bibliographic Info

Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 234.

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Date of creation: Oct 1998
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Handle: RePEc:ssb:dispap:234

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Keywords: Elementary aggregates; Price indexes; Cost-of-Living indexes; Price aggregation;

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References

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  1. John K. Dagsvik, 1996. "Consumer Demand with Unobservable Product Attributes - Part I: Theory," Discussion Papers 166, Research Department of Statistics Norway.
  2. Baye, Michael R, 1985. "Price Dispersion and Functional Price Indices," Econometrica, Econometric Society, vol. 53(1), pages 213-23, January.
  3. Leif Brubakk & John K. Dagsvik, 1998. "Consumer Demand and Unobservable Product Attributes," Discussion Papers 223, Research Department of Statistics Norway.
  4. Feenstra, Robert C, 1995. "Exact Hedonic Price Indexes," The Review of Economics and Statistics, MIT Press, vol. 77(4), pages 634-53, November.
  5. Reinsdorf, Marshall, 1994. "The Effect of Price Dispersion on Cost of Living Indexes," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(1), pages 137-49, February.
  6. Anderson, Ronald W, 1979. "Perfect Price Aggregation and Empirical Demand Analysis," Econometrica, Econometric Society, vol. 47(5), pages 1209-30, September.
  7. John K. Dagsvik & Yu Zhu & Rolf Aaberge, 1998. "A Framework for Empirical Modelling of Consumer Demand with Latent Quality Attributes," Discussion Papers 229, Research Department of Statistics Norway.
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Cited by:
  1. Leif Brubakk & John K. Dagsvik, 1998. "Consumer Demand and Unobservable Product Attributes," Discussion Papers 223, Research Department of Statistics Norway.
  2. Vincenzo Atella & Martina Menon & Federico Perali, 2003. "Estimation of Unit Values in Cross Sections without Quantity Information and Implications for Demand and Welfare Analysis," CEIS Research Paper 12, Tor Vergata University, CEIS.

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