Abstract #300916

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JSM 2003 Abstract #300916
Activity Number: 441
Type: Contributed
Date/Time: Thursday, August 7, 2003 : 8:30 AM to 10:20 AM
Sponsor: Section on Survey Research Methods
Abstract - #300916
Title: Determining the Optimal Pricing Frequency for Commodities and Services Items and Geographic Areas in the Consumer Price Index
Author(s): William Johnson*+ and Sylvia G. Leaver and William Larson and Owen J. Shoemaker
Companies: Bureau of Labor Statistics and Bureau of Labor Statistics and Bureau of Labor Statistics and Bureau of Labor Statistics
Address: RM 3655 PSB, Washington, DC, 20212-0001,
Keywords: cost models ; bias ; variance
Abstract:

The U.S. Consumer Price Index (CPI) uses data collected with varying frequencies in order to produce a monthly all items - all U.S. price index. This paper describes research on the effect of changing the frequency with which various items are priced in different geographic areas on the quality of the resulting indexes. This research only examines the Commodities and Services portion of the CPI, which excludes Rent and Owners' Equivalent Rent. Data is used from an area where the CPI currently prices all items every month, to determine the effect of various schemes where some items are priced with less than monthly frequency. Costs of designs are modeled so that the various schemes can be compared with regard to cost versus variance and bias.

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