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Revisiting taste change in cost-of-living measurement

Robert Martin

Journal of Economic and Social Measurement2022https://doi.org/10.3233/jem-220485article
ABDC C
Weight
0.49

What the paper says

This paper compares conditional and unconditional cost-of-living indexes (COLI) when tastes change, focusing on the Constant Elasticity of Substitution model. A consumer price index typically targets a conditional COLI, which evaluates price change given set of preferences. An unconditional COLI aims to also capture the welfare effects of changing tastes, but it requires stronger assumptions. Using retail scanner data for food and beverage products, I find COLIs conditioning on current period tastes exceed those conditioning on prior period tastes. Consistent with previous studies, I find an unconditional COLI tends to reflect negative direct contributions from taste change.

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https://doi.org/https://doi.org/10.3233/jem-220485

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@article{robert2022,
  title        = {{Revisiting taste change in cost-of-living measurement}},
  author       = {Robert Martin},
  journal      = {Journal of Economic and Social Measurement},
  year         = {2022},
  doi          = {https://doi.org/https://doi.org/10.3233/jem-220485},
}

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Evidence weight

0.49

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.36 × 0.4 = 0.14
M · momentum0.80 × 0.15 = 0.12
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.