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A Practical Guide to Price Index and Hedonic Techniques$
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Ana M. Aizcorbe

Print publication date: 2014

Print ISBN-13: 9780198702429

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780198702429.001.0001

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Price Indexes

Price Indexes

(p.7) 2 Price Indexes
A Practical Guide to Price Index and Hedonic Techniques

Ana M. Aizcorbe

Oxford University Press

This chapter provides a description of basic price index techniques, the intuition underlying their construction, and how one interprets the results. In particular, the chapter provides instructions on how to construct fixed-based and chained indexes and discusses some of the common problems, like substitution bias, the new goods problem and chain drift. It also discusses the intuition behind two popular interpretations of price indexes: the cost of living index interpretation and the constant-quality price index interpretation. The formulas considered are: Laspeyres, Paasche, Fisher Ideal, Tornquist, Jevons.

Keywords:   price indexes, Laspeyres, Paasche, Fisher Ideal, Tornquist, Jevons, chained index, substitution bias, chain drift, matched-model index, cost of living index, constant-quality price index, fixed-base index

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