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Testing the RPI data for consistency with the theory of the cost-of-living index

Author

Listed:
  • Ian Crawford

    (Institute for Fiscal Studies and Nuffield College, Oxford)

  • Isabella Image

    (Institute for Fiscal Studies)

Abstract

This paper tests the published section level price and weight dataused in the compilation of the UK Retail Prices Index for consistencywith the theory of the cost-of-living index. We use a nonparametric testof theoretical consistency and bootstrap statistical methods to estimatethe probability of consistency.

Suggested Citation

  • Ian Crawford & Isabella Image, 2002. "Testing the RPI data for consistency with the theory of the cost-of-living index," IFS Working Papers W02/19, Institute for Fiscal Studies.
    • Handle: RePEc:ifs:ifsewp:02/19
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    File URL: http://www.ifs.org.uk/wps/wp0219.pdf
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    References listed on IDEAS

    as
    1. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-973, July.
    2. Richard W. Blundell & Martin Browning & Ian A. Crawford, 2003. "Nonparametric Engel Curves and Revealed Preference," Econometrica, Econometric Society, vol. 71(1), pages 205-240, January.
    3. Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(1), pages 99-110.
    4. Afriat, S N, 1973. "On a System of Inequalities in Demand Analysis: An Extension of the Classical Method," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 460-472, June.
    5. W. E. Diewert, 1973. "Afriat and Revealed Preference Theory," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 40(3), pages 419-425.
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