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首页> 美国政府科技报告 >Re-examining the Cost-of-Living Index and the Biases of Price Indices:211 Implications for the U.S. CPI
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Re-examining the Cost-of-Living Index and the Biases of Price Indices:211 Implications for the U.S. CPI

机译：重新审视生活费用指数和价格指数的偏差：对美国CpI的211个影响

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The U.S. CPI is based on the Laspeyres price index, an index type that has an211u001eupward 'substitution bias.' Thus, the CPI tends to overstate increases in the 211u001ecost of living. To address this bias, the Advisory Commission to Study the 211u001eConsumer Price Index recommended adopting for the CPI a 'superlative' price 211u001eindex, e.g., the Fisher or Tornqvist indices. Under the assumption of homothetic 211u001epreferences, superlative indices always have smaller substitution biaseshence, 211u001eare closer to the 'true' cost-of-living index (COLI) than the Laspeyres index, 211u001ebut this assumption implies that: all income elasticities equal 1, the true COLI 211u001eis independent of the utility level (standard of living), and expenditure shares 211u001eare unaffected by changes in income. Therefore, superlative indices are not 211u001enecessarily closer to the true COLI than the Laspeyres index except in the 211u001eunrealistic case of homothetic preferences.

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