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Scanner Data and Price Indexes$
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Robert C. Feenstra and Matthew D. Shapiro

Print publication date: 2002

Print ISBN-13: 9780226239651

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226239668.001.0001

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Price Index Estimation Using Price Imputation for Unsold Items

Price Index Estimation Using Price Imputation for Unsold Items

(p.349) 11 Price Index Estimation Using Price Imputation for Unsold Items
Scanner Data and Price Indexes

Ralph Bradley

University of Chicago Press

This chapter proposes an econometric procedure that assigns a virtual price and contrasts it to other procedures. Imputation of missing prices can be done implicitly or explicitly. Missing prices can be explicitly imputed by “carrying forward” the last recorded price. Sufficient conditions for constructing a price index by taking unit values either across outlets or across items with a particular brand do not hold for the cereal market in New York. Obviously neither the items within a brand nor the outlets are complements. The cereal market does not have the characteristics that are enough for a price index that employs unit values to be a true price index. At least in the cereal market, it seems that the Bureau of Labor Statistics (BLS) imputation method produces indexes with relatively smaller variances and whose results are close in magnitude to the indexes based on the economic approach.

Keywords:   missing prices, price index, cereal market, New York, Bureau of Labor Statistics, price imputation

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