Abstract
Onimissi Sheidu (2006)
"Estimating Missing Prices in Producer Price Index"
The Producer Price Index (PPI) is a monthly estimate of average changes
in prices received by domestic producers of goods and services in
all stages of processing. Each month the PPI requests data for more
than 100,000 price quotes. For data not received, the PPI must estimate
a value. In this paper, we investigate whether there is an advantage
in terms of improving the accuracy of the estimates by using only the
weighted relatives of items in a cell with similar products to estimate an
item's missing price, or to use higher aggregate cell relatives comprised
of different product cells. We discovered the proposed method of estimating
missing prices using detailed product cell relatives is superior
only in cases where there are enough items, usually greater than 10, in
a cell.
Last Modified Date: January 9, 2007
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