{"title":"A unified framework for calculating aggregate commodity prices from a census dataset","authors":"Michaela Dalton, B. Fissel","doi":"10.3233/JEM-180453","DOIUrl":null,"url":null,"abstract":"Economic data collection from commodities producers in the United States typically consists of revenues and quantities. While the data collected in some sectors such as fisheries are a census of the population, features of the population such as prices, must be calculated. Unit values are widely used as a price measure to impose a single price in place of dispersed ratios of revenue to quantity from individual producers but alternatives exist. In this paper, different linear aggregation procedures are used to calculate price measures, such as ratio-based calculations (e.g., ratio-of-means, mean-of-ratios), or estimation by ordinary least squares. There are non-trivial differences in the prices calculated depending on the procedure. This paper proposes a unified framework, including Bayesian estimation, for considering the tradeoffs inherent in the different methods commonly employed.","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":"1 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2018-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/JEM-180453","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic and Social Measurement","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3233/JEM-180453","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Social Sciences","Score":null,"Total":0}
引用次数: 1
Abstract
Economic data collection from commodities producers in the United States typically consists of revenues and quantities. While the data collected in some sectors such as fisheries are a census of the population, features of the population such as prices, must be calculated. Unit values are widely used as a price measure to impose a single price in place of dispersed ratios of revenue to quantity from individual producers but alternatives exist. In this paper, different linear aggregation procedures are used to calculate price measures, such as ratio-based calculations (e.g., ratio-of-means, mean-of-ratios), or estimation by ordinary least squares. There are non-trivial differences in the prices calculated depending on the procedure. This paper proposes a unified framework, including Bayesian estimation, for considering the tradeoffs inherent in the different methods commonly employed.
期刊介绍:
The Journal of Economic and Social Measurement (JESM) is a quarterly journal that is concerned with the investigation of all aspects of production, distribution and use of economic and other societal statistical data, and with the use of computers in that context. JESM publishes articles that consider the statistical methodology of economic and social science measurements. It is concerned with the methods and problems of data distribution, including the design and implementation of data base systems and, more generally, computer software and hardware for distributing and accessing statistical data files. Its focus on computer software also includes the valuation of algorithms and their implementation, assessing the degree to which particular algorithms may yield more or less accurate computed results. It addresses the technical and even legal problems of the collection and use of data, legislation and administrative actions affecting government produced or distributed data files, and similar topics. The journal serves as a forum for the exchange of information and views between data producers and users. In addition, it considers the various uses to which statistical data may be put, particularly to the degree that these uses illustrate or affect the properties of the data. The data considered in JESM are usually economic or social, as mentioned, but this is not a requirement; the editorial policies of JESM do not place a priori restrictions upon the data that might be considered within individual articles. Furthermore, there are no limitations concerning the source of the data.