Blow, L. and Crawford, I. (1999) A non-parametric bound on substitution bias in the UK retail prices index. (IFS Working Papers W99/15). Institute for Fiscal Studies: London, UK.
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Abstract
This paper uses revealed preference restrictions and nonparametric statistical methods to bound true cost-of-living indices. These are compared to the popular price indices including the type used to calculated the UK RPI. This is used to assess the method of calculating the RPI for substitution bias.
| Type: | Working / discussion paper |
|---|---|
| Title: | A non-parametric bound on substitution bias in the UK retail prices index |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | http://dx.doi.org/10.1920/wp.ifs.1999.9915 |
| Language: | English |
| Keywords: | JEL classification: C43, D11. Cost-of-living indices, substitution bias, revealed preference |
| UCL classification: | UCL > School of Arts and Social Sciences > Faculty of Social and Historical Sciences > Economics |
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