Price Imputation and Other Techniques for Dealing with Missing Observations, Seasonality and Quality Change in Price Indices
June 1, 1999
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Summary
Price index compilers frequently face situations where price observations are missing due to seasonal unavailability, supply shortages, or the discontinuation of products. Incorrect treatment of such situations can result in biased price indices. This paper presents statistical imputation techniques that index compilers can use to prevent bias and suggests the extension of these same techniques to assist with adjustments for quality differences. The use of additional procedures for dealing with some of the problems caused by seasonal commodities is also discussed.
Subject: Commodities, Consumer price indexes, Financial institutions, Price adjustments, Price indexes, Prices, Stocks
Keywords: a number of product, base period, Consumer price indexes, fixed price, geometric mean, group index, imputation techniques, Price adjustments, price change, price index compilation, Price indexes, Price indices, price movement, product range, quality adjustment, replacement product, sampled product, seasonal goods, Stocks, WP
Pages:
28
Volume:
1999
DOI:
Issue:
078
Series:
Working Paper No. 1999/078
Stock No:
WPIEA0781999
ISBN:
9781451850086
ISSN:
1018-5941
