A nonparametric method for valuing new goods

This paper presents a revealed preference method for calculating a lower bound on the virtual or reservation price of a new good and suggests a way to improve these bounds by using budget expansion paths. This allows the calculation of cost-of-living and price indices when the number of goods available changes between periods. We apply this technique to the UK National Lottery and illustrate the effects of its inclusion in measures of inflation.

MoreLess

Year of publication:	2002
Authors:	Blow, Laura ; Crawford, Ian
Publisher:	Frankfurt a. M. : European Central Bank (ECB)

freely available

Full text |

More access options

Check Google Scholar

In German libraries (KVK)

I need help

More details

Series:	ECB Working Paper ; 143
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	349028338 [GVK] hdl:10419/152577 [Handle] RePEc:ecb:ecbwps:20020143 [RePEc]
Classification:	C43 - Index Numbers and Aggregation ; D11 - Consumer Economics: Theory
Source:	EconStor

Persistent link: https://www.econbiz.de/10011604189