commission report template is a commission report sample that gives infomration on commission report design and format. when designing commission report example, it is important to consider commission report template style, design, color and theme. the strength of the cpi is in the underlying simplicity of its concept: pricing a fixed (but representative) market basket of goods and services over time. 5. changes in the cpi have substantially overstated the actual rate of price inflation, by about 1.3 percentage points per annum prior to 1996 (the extra 0.2 percentage point is due to a problem called formula bias inadvertently introduced in 1978 and fixed this year). the bls should investigate the impact of classification, that is item group definition and structure, on the price indexes to improve the ability of the index to fully capture item substitution. alternatively, a smaller amount would need to be subtracted from indexing based on the new revised annual index if and when it is developed and published regularly, to more closely approximate the change in the cost of living. major improvements can and should be made to the various official statistics that are currently used as proxies for changes in the cost of living, such as the well-known consumer price index (cpi). price data are collected at a considerable level of disaggregation and how the price changes are aggregated into an overall index involves quite technical issues that can lead to a formula bias in the cpi. section v describes in greater detail the current procedures employed by the bls to adjust for quality change and presents a survey of the studies and the commission’s judgment on the bias from quality change and new products. this altered the treatment of housing costs by shifting the costs for homeowners to a rental equivalent basis. the point of this discussion is to demonstrate how important it is to correct biases in the cpi as quickly and fully as possible before their consequences mount, indeed compound. in summary, an upward bias in the cpi would result in substantial overpayments to the beneficiaries of federal entitlements and mandatory spending programs. since the laspeyres formula does not allow for the substitution of products or services in response to current prices and choices, it is an “upper bound” to a cost of living. this is done so that the price quotes for selected items are obtained at outlets which are representative of the places that consumers made their purchases and also because the outlet is assumed to be an important characteristic of the purchase and component of price change. notice that it is the disappearance of an item which triggers the mechanism to price a substitute. in the case of granny smith apples, the availability of other varieties of apples may yield a market response to quantities that more than offsets the price increase. the strength of the cpi is in the underlying simplicity of its concept: pricing a fixed (but representative) market basket of goods and services over time. intuitively, it is easy to understand why such a computation imparts an upward (substitution) bias to the measure of the change in the true cost of living. the idea underlying a cost of living index is to allow for the substitution that follows relative price changes. the bls has compared a fixed weight index with the fisher ideal and tornqvist indexes to assess the bias in the fixed weight index as a measure of changes in the cost of living. the procedure adopted by bls for doing this had the effect of linking the weights for the substitute items to the prices used in the cpi and produced a bias that is an important component of lower level substitution bias. a superlative index formula is required to provide a satisfactory approximation to the underlying cost of living index at the upper level. in this section we will treat new product bias as a component of quality change bias and will not attempt to break down our overall bias estimate into the separate contributions of quality change bias and new product bias. a pervasive phenomenon called the “product cycle” is critical in assessing the issue of new product bias in the cpi and applies as well to new models of existing products. our discussion of quality change and new product bias begins with a review of the methods used by the cpi to handle quality changes in existing products and then turns to problems posed by new products. this raises the possibility that there is a spurious upward “drift” in the relative price of other products relative to automobiles due to an uneven application of the costing method. but this ignores the fact that coefficients can be estimated on the basis of historical data, and these previously estimated coefficients can be used to evaluate quality change when a new model is introduced. however, we do not follow previous research by assuming that in these categories the overall bias due to quality change and new products is necessarily zero. by far the largest single weight in the cpi is given to housing component, and within that to shelter. the continuous movement of households to newer apartment complexes in suburbs and in the sunbelt may be part of a process by which housing quality steadily improves. accordingly, table 2 records an upward bias in the cpi of 0.25 percent per year for the shelter component, and this well may be an understatement. reforms in the cpi in the mid-to-late 1980s eliminated this source of downward bias and shifted to the hedonic price technique for some quality adjustments within the apparel component.50 the cpi apparel index is relatively easy to assess by accumulating outside evidence from such sources as mail-order catalogues.
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gasoline taxes may be used to provide a benefit in the form of better highways, but a tax increase is treated correctly by the cpi as an increase in the cost of living. he attributes the absence of a decline in fuel economy in response to lower fuel prices to the high cost of “switching back to older, less efficient designs and technologies.” the medical care category may be the location of substantial quality change bias at a rate as rapid or more rapid than in appliances and radio-tv products, but its weight in the cpi is much greater. research, and related research by griliches and cockburn (1994), we conclude that prior to 1995 there was a 3.0 percent annual bias in the cpi for prescription pharmaceuticals. this new research by cutler and others opens up the potential for a major improvement in our understanding of the economics of medical care. the purpose of this section is to summarize this research and assess the importance of these biases in the cpi. we have now revised our estimates to reflect changes in the cpi announced by bls on march 29, 1996, and new estimates of the impact of biases due to the introduction of new products and changes in the quality of existing products. armknecht and weyback (1989) summarized the methods used by bls to adjust the cpi for quality change.66 elimination of new goods bias and quality change bias are essential steps in measuring the cost of living. the average of our estimates of the overall bias in the cpi is 1.1 percentage point per annum with a range of 0.8 to 1.6 percentage point. to the extent that it is measured, it does not represent a new problem of the price index construction. while it is impossible to provide a full and accurate accounting for such changes, it is extremely unlikely that the rise of such “bads” out-balances the “good” that is contained in the developments alluded to above. we have recommended that the cpi treat changes in price due to additional anti-pollution devices as a price rather than quality increase. the purpose of having two indexes is to accommodate the complex issues that must be addressed and the time delay in obtaining all of the necessary data. to do an adequate job of describing the geography of price levels in the u.s. will require the collection of prices for the same commodities and services in different cities. this assumption, which means that prices or quantities adjust immediately to quality changes or the introduction of substitutes is fundamental to many elements of the methodology and its failure to hold sometimes is at the heart of many of the issues discussed in this report. there should be more emphasis on measurement and sampling issues in the training of economists and statisticians. it suffers from a variety of conceptual and practical problems as the vehicle for measuring changes in the cost of living. we are gratified by the tremendous outpouring of suggestions, advice, and assessment of individual issues that have arisen in the course of the committee’s investigation. “improvements to the food at home, shelter, and prescription drug indexes in the u.s. consumer price index,” working paper 263, bureau of labor statistics (1995). “is the growth of the cpi a biased measure of changes in the cost of living?” “extending the improvements in the cpi sample rotation procedures and improving the procedures for substitute items,” bureau of labor statistics, press release, march 29, 1996. duggan, james, robert gillingham, and john greenlees. “a conceptual framework for the consumer price index,” proceedings of the business and economics section, american statistical association, pp. “valuation of new goods under perfect and imperfect competition,” in t. bresnahan and r. j. gordon, the economics of new goods, studies in income and wealth (university of chicago press for nber, 1996). “applications and limitations of some recent advances in empirical industrial organization: price indexes and the analysis of environmental change,” american economic review, vol. “housing depreciation and aging bias in the consumer price index,” journal of business and economic statistics (july 1988), vol. “product innovations, price indices, and the (mis)measurement of economic performance,” nber working paper no. we are especially grateful to john greenlees and brent moulton of bls for clarifying several of these issues for the commission. the names of the brand and store are withheld to adhere to confidentiality requirements. thus a shift to discount stores would show up in the consumer reports price quotations and account for part of the difference between gordon’s indexes and the cpi index for the same category. 49 back while the cpi incorporates a matched-model index that records a decline in computer prices of 10-20 percent per year, this is applied to a negligible weight (based currently on 1982-84 weights) and so has no practical importance for assessing the magnitude of the quality change bias in the personal computer category. however, very preliminary unpublished work suggests that for the period 1982-91 the larger fraction of expenditures on out-of-pocket healthcare by the elderly combined with the more rapid rise in healthcare prices than overall prices for this period might lead to a slightly faster rise in a price index for the elderly.