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Elementary Aggregates, Micro-indices and Scanner Data: Some Issues in the Compilation of Consumer Price Indices

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  • Silver, Mick

Abstract

This paper argues for the use of scanner data from EPOS systems for use in the compilation of consumer price indices. A number of methods of calculating micro-indices from such data are outlined. Scanner data for color television sets in the United Kingdom are used as an example. The Tornqvist chained index is used as a benchmark against which alternative formulations, including those based on representative products, can be judged, the errors often being substantial. The paper argues for the use of scanner data, illustrates methods of compiling micro-indices, and points to the potential for serious errors from conventional methods. Copyright 1995 by The International Association for Research in Income and Wealth.

Suggested Citation

  • Silver, Mick, 1995. "Elementary Aggregates, Micro-indices and Scanner Data: Some Issues in the Compilation of Consumer Price Indices," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(4), pages 427-438, December.
    • Handle: RePEc:bla:revinw:v:41:y:1995:i:4:p:427-38
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    Cited by:

    1. Robin Lowe & Candace Ruscher, 2003. "Estimating Price Movements for Consumer Durables Using Electronic Retail Transactions Data," NBER Chapters, in: Scanner Data and Price Indexes, pages 89-110, National Bureau of Economic Research, Inc.
    2. William J. Hawkes & Frank W. Piotrowski, 2003. "Using Scanner Data to Improve the Quality of Measurement in the Consumer Price Index," NBER Chapters, in: Scanner Data and Price Indexes, pages 17-38, National Bureau of Economic Research, Inc.
    3. Vermeulen, Philip & Gábor, Enikö, 2014. "New evidence on elementary index bias," Working Paper Series 1754, European Central Bank.
    4. Silver, Mick, 1999. "Disparities in the prices of new and old models when they coexist in the market: some econometric estimates," Omega, Elsevier, vol. 27(1), pages 13-24, February.
    5. Christos Ioannidis & Mick Silver, 2003. "Chained, exact and superlative hedonic price changes: estimates from microdata," Applied Economics, Taylor & Francis Journals, vol. 35(9), pages 1005-1014.
    6. Silver, Mick, 2000. "Hedonic regressions: an application to VCRs using scanner data," Omega, Elsevier, vol. 28(4), pages 399-408, August.
    7. Mick Silver & Saeed Heravi, 2003. "The Measurement of Quality-Adjusted Price Changes," NBER Chapters, in: Scanner Data and Price Indexes, pages 277-316, National Bureau of Economic Research, Inc.

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