Valuation of New Goods Under Perfect and Imperfect Competition - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Valuation of New Goods Under Perfect and Imperfect Competition write by Jerry A. Hausman. This book was released on 1994. Valuation of New Goods Under Perfect and Imperfect Competition available in PDF, EPUB and Kindle. The Consumer Price Index (CPI) attempts to answer the question of how much more (or less) income does a consumer require to be as well off in period 1 as in period 0 given changes in prices, changes in the quality of goods, and the introduction of new goods (or the disappearance of existing goods). In this paper I explain the theory of cost-of-living indices and demonstrate how new goods should be included using the classical theory of Hicks and Rothbarth. The correct price to use for the good in the pre-intro- duction period is a virtual' price which sets demand to zero. Estimation of this virtual price requires estimation of a demand function which in turn provides the expenditure function which allows exact calucation of the cost of living index. The data requirements and need to specify and estimate a demand function for a new brand among many existing brands requires extensive data and some new econometric methods which may have proven obstacles to the inclusion of new goods in the CPI up to this point. As an example I use the introduction of a new cereal brand by General Mills in 1989-Apple Cinnamon Cheerios. I find the virtual price is about 2 times the actual price of Apple Cinnamon Cheerios and that increase in consumer surplus is substantial. Based on some simplifying approximations, I find that CPI may be overstated for cereal by about 25% because of its neglect of the effect of new brands. When I take imperfect competition into account I find that the increase in consumer welfare is only 85% as high with perfect competition so CPI for cereal would still be 20% too high
The Economics of New Goods
The Economics of New Goods - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of New Goods write by Timothy F. Bresnahan. This book was released on 2008-04-15. The Economics of New Goods available in PDF, EPUB and Kindle. New goods are at the heart of economic progress. The eleven essays in this volume include historical treatments of new goods and their diffusion; practical exercises in measurement addressed to recent and ongoing innovations; and real-world methods of devising quantitative adjustments for quality change. The lead article in Part I contains a striking analysis of the history of light over two millenia. Other essays in Part I develop new price indexes for automobiles back to 1906; trace the role of the air conditioner in the development of the American south; and treat the germ theory of disease as an economic innovation. In Part II essays measure the economic impact of more recent innovations, including anti-ulcer drugs, new breakfast cereals, and computers. Part III explores methods and defects in the treatment of quality change in the official price data of the United States, Canada, and Japan. This pathbreaking volume will interest anyone who studies economic growth, productivity, and the American standard of living.
Economics in America
Economics in America - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Economics in America write by Angus Deaton. This book was released on 2024-10-22. Economics in America available in PDF, EPUB and Kindle. From the Nobel Prize–winning economist and New York Times bestselling coauthor of Deaths of Despair and the Future of Capitalism, candid reflections on the economist’s craft When economist Angus Deaton immigrated to the United States from Britain in the early 1980s, he was awed by America’s strengths and shocked by the extraordinary gaps he witnessed between people. Economics in America explains in clear terms how the field of economics addresses the most pressing issues of our time—from poverty, retirement, and the minimum wage to the ravages of the nation’s uniquely disastrous health care system—and narrates Deaton’s account of his experiences as a naturalized US citizen and academic economist. Deaton is witty and pulls no punches. In this incisive, candid, and funny book, he describes the everyday lives of working economists, recounting the triumphs as well as the disasters, and tells the inside story of the Nobel Prize in economics and the journey that led him to Stockholm to receive one. He discusses the ongoing tensions between economics and politics—and the extent to which economics has any content beyond the political prejudices of economists—and reflects on whether economists bear at least some responsibility for the growing despair and rising populism in America. Blending rare personal insights with illuminating perspectives on the social challenges that confront us today, Deaton offers a disarmingly frank critique of his own profession while shining a light on his adopted country’s policy accomplishments and failures.
Oversight of the Bureau of Labor Statistics
Oversight of the Bureau of Labor Statistics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Oversight of the Bureau of Labor Statistics write by United States. Congress. House. Committee on Government Reform and Oversight. Subcommittee on Human Resources. This book was released on 1997. Oversight of the Bureau of Labor Statistics available in PDF, EPUB and Kindle.
Antitrust Law Journal
Antitrust Law Journal - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Antitrust Law Journal write by . This book was released on 1986. Antitrust Law Journal available in PDF, EPUB and Kindle.
