Whose Inflation? A Characterization of the CPI Plutocratic Bias

Whose Inflation? A Characterization of the CPI Plutocratic Bias
Prais (1958) showed that the CPI computed by statistical agencies can be interpreted as a weighed average of household price indexes, the weight of each household determined by its total expenditures. We decompose the difference between the standard CPI and a democratically weighed index (i.e., the plutocratic bias) as the product of average... READ MORE...

Publication date: May 2001
ISBN 9781451847949
$15.00

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