Producer Price Index Manual: Theory and Practice ... - METAC

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Producer Price Index Manual Price Speed RAM HD Dell Presario Prosignia Celeron Pentium III CD-RW DVD Dell× Speed 2183 933 64 10 0 0 0 0 1 0 0 0 1039 533 64 8 0 0 1 1 0 0 0 0 1139 533 128 8 0 0 1 1 0 0 0 0 1109 533 64 17 0 0 1 1 0 0 0 0 1180 533 64 8 0 0 1 1 0 1 0 0 1350 533 128 17 0 0 1 1 0 1 0 0 1089 600 64 8 0 0 1 0 1 0 0 0 1189 600 128 8 0 0 1 0 1 0 0 0 1159 600 64 17 0 0 1 0 1 0 0 0 1230 600 64 8 0 0 1 0 1 1 0 0 1259 600 128 17 0 0 1 0 1 0 0 0 1400 600 128 17 0 0 1 0 1 1 0 0 2389 933 256 40 0 1 0 0 1 0 0 0 1833 733 256 40 0 1 0 0 1 0 0 0 2189 933 128 40 0 1 0 0 1 0 0 0 2436 933 256 60 0 1 0 0 1 0 0 0 2397 933 256 40 0 1 0 0 1 0 1 0 2447 933 256 40 0 1 0 0 1 1 0 0 2547 933 256 40 0 1 0 0 1 0 0 0 2845 933 384 60 0 1 0 0 1 0 0 0 2636 933 384 60 0 1 0 0 1 0 0 0 1507 733 64 30 0 1 0 0 1 0 0 0 1279 667 64 10 1 0 0 0 1 0 0 667 1379 667 128 10 1 0 0 0 1 0 0 667 1399 667 64 30 1 0 0 0 1 0 0 667 1499 667 128 30 1 0 0 0 1 0 0 667 1598 667 128 30 1 0 0 0 1 1 0 667 1609 667 128 30 1 0 0 0 1 0 1 667 1389 667 64 10 1 0 0 0 1 0 1 667 999 667 64 10 1 0 0 1 0 0 0 667 1119 566 64 30 1 0 0 1 0 0 0 566 1099 566 128 10 1 0 0 1 0 0 0 566 1097 566 64 10 1 0 0 1 0 1 0 566 1108 566 64 10 1 0 0 1 0 0 1 566 1219 566 128 30 1 0 0 1 0 0 0 566 1318 566 128 30 1 0 0 1 0 1 0 566 1328 566 128 30 1 0 0 1 0 0 1 566 1409 566 128 10 1 0 0 0 1 0 0 733 1809 733 384 10 1 0 0 0 1 0 0 733 1529 733 128 30 1 0 0 0 1 0 0 733 1519 733 128 10 1 0 0 0 1 0 1 733 1929 733 384 30 1 0 0 0 1 0 0 733 2039 733 384 30 1 0 0 0 1 0 1 933 2679 933 128 30 1 0 0 0 1 0 0 933 3079 933 384 10 1 0 0 0 1 0 0 933 2789 933 128 10 1 0 0 0 1 0 1 933 3189 933 384 10 1 0 0 0 1 0 1 933 196
8. Item Substitution, Sample Space, and New Goods A. Introduction 8.1 In the introduction to Chapter 7, the use of the matched models method was recognized as the accepted approach to ensure that the measurement of price changes was untainted by changes in their quality. However, it was noted that the approach might fail in three respects: missing items, sampling issues, and new goods and services (hereafter “goods” includes services). Missing items are the subject of Chapter 7, in which several implicit and explicit methods of quality adjustment to prices, and the choice between them, were discussed. In this chapter, attention is turned to two other reasons why the matched models method may fail: sampling issues and new goods. The three sources of potential error are briefly outlined. • Missing items. A problem arises when an item is no longer produced. An implicit quality adjustment may be made using the overlap or imputation method, or the respondent may choose a replacement item of a comparable quality, and its price may be directly compared with the missing item’s price. If the replacement is of a noncomparable quality, an explicit price adjustment is required. This was the subject of Chapter 7, sections C through F. In section G of Chapter 7 a caveat was added. Items in industries where model replacements were rapid, continued long-run matching would deplete the sample, and quality adjustment becomes unfeasible on the scale required. Chained matching or hedonic indices were deemed preferable. • Sampling issues. The matching of prices of identical items over time, by its nature, is likely to lead to monitoring of a sample of items increasingly unrepresentative of the population of transactions. Respondents may keep with their selected items until they are no longer produced—that is, continue to monitor items with unusual price changes and limited sales. Yet on item replacement, respondents may select unpopular comparable items to avoid explicit quality adjustments; obsolete items with unusual price changes are replaced by nearobsolete items with that also have unusual price changes, compounding the problem of unrepresentative samples. The substitution of an item with relatively high sales for an obsolete one has its own problems, since the difference in quality is likely to be substantial and substantive, beyond what can be attributed to, say, the price difference in some overlap period. One would be in the last stage of its life cycle and the other in its first. The issue has implications for sample rotation and item substitution. • New products. A third potential difficulty arises when something “new” is produced. There is a difficulty in distinguishing between new items and quality changes in old ones, which will be discussed below. When a new good is produced, there is a need for it to be included in the index as soon as possible, especially if the product is expected to be responsible for relatively high sales. New goods might have quite different price changes than existing ones, especially at the start of their life cycle. In the initial period of introduction producers often gain from their ability to receive higher prices from their recently introduced product than might be attainable once the market settles into a competitive equilibrium. But by definition, there is no price in the period preceding the introduction of the new product. So even if prices of new products were obtained and included in the index from the initial introduction date, there would still be something missing— the initial high price producers can reap by exploiting any monopoly power in the period of launch. 8.2 The problem of missing items was the subject of Chapter 7. In this chapter, sampling issues arising out of the matched models approach and the problem of introducing new goods into the index are considered. 197
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Contents Foreword..................
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Contents D. The Incorporating of Ne
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Contents E. Industry Price Indices
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Contents Table 19.23 Manufacturing
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Foreword This Producer Price Index
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Preface The ILO, IMF, OECD, UNECE,
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Preface source (rather than requiri
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Preface tremendous concern with sam
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Preface among countries. However, t
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Preface Chapter 6 Chapter 7 Chapter
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Reader’s Guide International manu
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Reader’s Guide the System of Nati
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Abbreviations ABS ABS AF ANZIC ATM
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Abbreviations OLS Ottawa Group P C
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PART I Methods, Uses, and Coverage
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Producer Price Index Manual The exp
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Producer Price Index Manual B.1 Pri
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Producer Price Index Manual and qua
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Producer Price Index Manual D. The
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Producer Price Index Manual theoret
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Producer Price Index Manual C. Geog
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PART II Compilation Issues
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Producer Price Index Manual C. Appr
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Producer Price Index Manual Figure
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Producer Price Index Manual source
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Producer Price Index Manual prices
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5. Sampling Issues in Price Collect
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Producer Price Index Manual D.1.2 C
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Producer Price Index Manual Table 5
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7. Treatment of Quality Change A. I
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11. Errors and Bias in the PPI disp
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12. Organization and Management A.
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12. Organization and Management fou
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13. Publication, Dissemination, and
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14. The System of Price Statistics
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Producer Price Index Manual Table 1
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I 14. The System of Price Statistic
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15. Basic Index Number Theory 371 k
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15. Basic Index Number Theory 395 C
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15. Basic Index Number Theory 399 A
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16. Axiomatic and Stochastic Approa
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17. Economic Approach A. Introducti
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18. Aggregation Issues A. Introduct
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19. Price Indices Using an Artifici
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20. Elementary Indices listed in Ch
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20. Elementary Indices price collec
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21. Quality Change and Hedonics 21.
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22. Treatment of Seasonal Products
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