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Accounting For The Effects Of New And Disappearing Goods Using Scanner Data

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  • Daniel Melser

Abstract

With the “discovery” of scanner data by statistical agencies and researchers comes a wealth of new information upon which price index calculations can be based. Old problems, such as the appearance and disappearance of goods over time, are likely to be an important feature of such data. However, given that scanner data includes the prices and quantities of the population of transactions we have more information than is traditionally available to deal with the new and disappearing goods problem. We adopt a recently developed approach using the Constant Elasticity of Substitution cost function to provide a detailed empirical analysis of the effects of new and disappearing goods for an Australian scanner data set of supermarket products. Our results indicate that the failure to account for new and disappearing goods in the cost‐of‐living index leads to a significant upward bias.

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  • Daniel Melser, 2006. "Accounting For The Effects Of New And Disappearing Goods Using Scanner Data," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 52(4), pages 547-568, December.
    • Handle: RePEc:bla:revinw:v:52:y:2006:i:4:p:547-568
    DOI: 10.1111/j.1475-4991.2006.00203.x
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    Cited by:

    1. Patrick Sillard & Lionel Wilner, 2015. "Constant utility index and inter-month substitution," Economics Bulletin, AccessEcon, vol. 35(3), pages 1772-1781.
    2. Daniel Melser & Michael Webster, 2021. "Multilateral Methods, Substitution Bias, and Chain Drift: Some Empirical Comparisons," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(3), pages 759-785, September.
    3. Kozo Ueda & Kota Watanabe & Tsutomu Watanabe, 2016. "Product Turnover and Deflation: Evidence from Japan," UTokyo Price Project Working Paper Series 073, University of Tokyo, Graduate School of Economics.
    4. Melser, Daniel & Syed, Iqbal, 2007. "Life Cycle Pricing and the Measurement of Inflation," MPRA Paper 16722, University Library of Munich, Germany, revised 07 Jul 2008.
    5. Benjamin Bridgman, 2013. "Market entry and trade weighted import costs," Canadian Journal of Economics, Canadian Economics Association, vol. 46(3), pages 982-1013, August.
    6. Kozo Ueda & Kota Watanabe & Tsutomu Watanabe, 2018. "Product Turnover and the Cost of Living Index: Quality vs. Fashion Effects," Globalization Institute Working Papers 337, Federal Reserve Bank of Dallas.
    7. Iqbal Syed & Daniel Melser, 2008. "Prices over the Product Life Cycle: An Empirical Analysis," Discussion Papers 2008-25, School of Economics, The University of New South Wales.
    8. Daniel Melser, 2019. "Valuing the quantity and quality of product variety to consumers," Empirical Economics, Springer, vol. 57(6), pages 2107-2128, December.
    9. Scanlon, Paul, 2019. "New goods and asset prices," Journal of Financial Economics, Elsevier, vol. 132(3), pages 140-157.

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