Scanner Data Based Panel Price Indexes
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| Author | : Chenhua Zhang |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2020 |
| Genre | : |
| ISBN | : |
We construct panel price indexes using retail scanner data that allow comparisons of consumption cost across space and time. Two types of panel indexes are examined: the rolling-window panel extensions of the multilateral Cave-Christensen-Diewert index with the Törnqvist index as its elements, and of the multilateral Gini-Eltetö-Köves-Szulc index using the Fisher ideal index as its elements. The rolling window method maintains the nonrevisability of published index numbers while allowing index numbers for new periods and locations to be calculated and the basket of items to be updated. Meanwhile, the multilateral structure of price comparison eliminates significant downward drift in standard chained indexes. Using county-level bilateral and panel indexes based on retail beverage scanner data, we experimentally adjust for purchasing parity the portion of Supplemental Nutrition Assistance Program (SNAP) benefits that participants spend on beverages. Accounting for temporal and spatial cost differences causes over 2% of SNAP allotment spent on beverages to be reallocated, or approximately a 5% change in allotment on average for a county. About 90% of the relocated SNAP fund is to adjust for spatial differences in food cost. We also compare SNAP allotments implied by the retail scanner data indexes with those implied by indexes based on the USDA Quarterly Food-at-Home Price Database (QFAHPD). The treatment of unit values and product quality may have contributed to the significant differences observed between the retail scanner data indexes and the QFAHPD indexes.
| Author | : Robert C. Feenstra |
| Publisher | : University of Chicago Press |
| Total Pages | : 404 |
| Release | : 2007-11-01 |
| Genre | : Business & Economics |
| ISBN | : 0226239667 |
Every time you buy a can of tuna or a new television, its bar code is scanned to record its price and other information. These "scanner data" offer a number of attractive features for economists and statisticians, because they are collected continuously, are available quickly, and record prices for all items sold, not just a statistical sample. But scanner data also present a number of difficulties for current statistical systems. Scanner Data and Price Indexes assesses both the promise and the challenges of using scanner data to produce economic statistics. Three papers present the results of work in progress at statistical agencies in the U.S., United Kingdom, and Canada, including a project at the U.S. Bureau of Labor Statistics to investigate the feasibility of incorporating scanner data into the monthly Consumer Price Index. Other papers demonstrate the enormous potential of using scanner data to test economic theories and estimate the parameters of economic models, and provide solutions for some of the problems that arise when using scanner data, such as dealing with missing data.
| Author | : National Research Council |
| Publisher | : National Academies Press |
| Total Pages | : 348 |
| Release | : 2002-02-25 |
| Genre | : Political Science |
| ISBN | : 0309170796 |
How well does the consumer price index (CPI) reflect the changes that people actually face in living costsâ€"from apples to computers to health care? Given how it is used, is it desirable to construct the CPI as a cost-of-living index (COLI)? With what level of accuracy is it possible to construct a single index that represents changes in the living costs of the nation's diverse population? At What Price? examines the foundations for consumer price indexes, comparing the conceptual and practical strengths, weaknesses, and limitations of traditional "fixed basket" and COLI approaches. The book delves into a range of complex issues, from how to deal with the changing quality of goods and services, including difficult-to-define medical services, to how to weight the expenditure patterns of different consumers. It sorts through the key attributes and underlying assumptions that define each index type in order to answer the question: Should a COLI framework be used in constructing the U.S. CPI? In answering this question, the book makes recommendations as to how the Bureau of Labor Statistics can continue to improve the accuracy and relevance of the CPI. With conclusions that could affect the amount of your next pay raise, At What Price? is important to everyone, and a must-read for policy makers, researchers, and employers.
| Author | : W. Erwin Diewert |
| Publisher | : University of Chicago Press |
| Total Pages | : 531 |
| Release | : 2010-02-15 |
| Genre | : Business & Economics |
| ISBN | : 0226148572 |
Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
| Author | : Mary K. Muth |
| Publisher | : Academic Press |
| Total Pages | : 342 |
| Release | : 2019-10-12 |
| Genre | : Business & Economics |
| ISBN | : 0128145471 |
Using Scanner Data for Food Policy Research is a practitioners’ guide to using and interpreting scanner data obtained from stores and households in policy research. It provides practical advice for using the data and interpreting their results. It helps the reader address key methodological issues such as aggregation, constructing price indices, and matching the data to nutrient values. It demonstrates some of the key econometric and statistical applications of the data, including estimating demand systems for policy simulation, analyzing effects of food access on food choices, and conducting cost-benefit analysis of food policies. This guide is intended for early-career researchers, particularly those working with scanner data in agricultural and food economics, nutrition, and public health contexts. Describe different types of scanner data, the types of information available in the data, and the vendors that offer these data Describe food-label data that can be appended to scanner data Identify key questions that researchers should consider when acquiring scanner and label data for food policy research Demonstrate how to use scanner data using tools from econometric and statistical analyses, including the limitations in interpreting results using the data Describe and resolve key methodological issues related to using the data to facilitate more rapid analyses Provide an overview of published literature as background for designing new studies Demonstrate key applications of the data for food policy research
| Author | : Jack E. Triplett |
| Publisher | : |
| Total Pages | : 21 |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
| Author | : William J. HAWKES |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
| Author | : Katharine G. Abraham |
| Publisher | : University of Chicago Press |
| Total Pages | : 502 |
| Release | : 2022-03-11 |
| Genre | : Business & Economics |
| ISBN | : 022680139X |
The papers in this volume analyze the deployment of Big Data to solve both existing and novel challenges in economic measurement. The existing infrastructure for the production of key economic statistics relies heavily on data collected through sample surveys and periodic censuses, together with administrative records generated in connection with tax administration. The increasing difficulty of obtaining survey and census responses threatens the viability of existing data collection approaches. The growing availability of new sources of Big Data—such as scanner data on purchases, credit card transaction records, payroll information, and prices of various goods scraped from the websites of online sellers—has changed the data landscape. These new sources of data hold the promise of allowing the statistical agencies to produce more accurate, more disaggregated, and more timely economic data to meet the needs of policymakers and other data users. This volume documents progress made toward that goal and the challenges to be overcome to realize the full potential of Big Data in the production of economic statistics. It describes the deployment of Big Data to solve both existing and novel challenges in economic measurement, and it will be of interest to statistical agency staff, academic researchers, and serious users of economic statistics.
| Author | : Kevin J. Fox |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Non-linear pricing, the fact that prices do not necessarily change in proportion to size, is a ubiquitous phenomenon. However, it has been neither particularly well understood nor well measured. Non-linear pricing is of practical importance for statistical agencies who, in constructing price indexes, are often required to compare the relative price of a product-variety of two different sizes. It is usually assumed that prices change one-for-one with package and pack size (e.g. a 1-liter cola costs half as much as a 2-liter bottle). We question the wisdom of such an assumption and outline a model to flexibly estimate the price-size function. Applying our model to a large U.S. scanner dataset for carbonated beverages, at a disaggregated level, we find very significant discounts for larger-sized products. This highlights the need to pursue methods such as those advocated in this paper.
| Author | : Ernst R. Berndt |
| Publisher | : University of Chicago Press |
| Total Pages | : 621 |
| Release | : 2009-02-15 |
| Genre | : Business & Economics |
| ISBN | : 0226044505 |
The celebrated economist Zvi Griliches’s entire career can be viewed as an attempt to advance the cause of accuracy in economic measurement. His interest in the causes and consequences of technical progress led to his pathbreaking work on price hedonics, now the principal analytical technique available to account for changes in product quality. Hard-to-Measure Goods and Services, a collection of papers from an NBER conference held in Griliches’s honor, is a tribute to his many contributions to current economic thought. Here, leading scholars of economic measurement address issues in the areas of productivity, price hedonics, capital measurement, diffusion of new technologies, and output and price measurement in “hard-to-measure” sectors of the economy. Furthering Griliches’s vital work that changed the way economists think about the U.S. National Income and Product Accounts, this volume is essential for all those interested in the labor market, economic growth, production, and real output.
