Dynamic cost of living index for storable goods

Consumers hold inventory for future uses. This study investigates how such intertemporal decisions influence the cost-of-living index (COLI). To this end, I construct a simple dynamic model, in which goods are storable and nonresalable, and prices take either high (regular price) or low values (sale...

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Published in:Economics letters 2020-04, Vol.189, p.109013, Article 109013
Main Author: Ueda, Kozo
Format: Article
Language:English
Subjects:
Chain drift
Consumer inventory
Consumers
Cost of living
Cost-of-living index
Decision making
E coli
Inventory management
Price index
Prices
Sales
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description Consumers hold inventory for future uses. This study investigates how such intertemporal decisions influence the cost-of-living index (COLI). To this end, I construct a simple dynamic model, in which goods are storable and nonresalable, and prices take either high (regular price) or low values (sales), and then introduce two types of dynamic COLIs. I find that neither index satisfies both monotonicity and the time reversal test. •Consumers hold inventory, while most models assume perishable goods.•The properties of the cost-of-living index (COLI) are studied.•I construct a simple dynamic model of storable goods.•No plausible COLI satisfies both monotonicity and the time reversal test.
doi_str_mv 10.1016/j.econlet.2020.109013
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source International Bibliography of the Social Sciences (IBSS); ScienceDirect Freedom Collection 2022-2024
subjects Chain drift
Consumer inventory
Consumers
Cost of living
Cost-of-living index
Decision making
E coli
Inventory management
Price index
Prices
Sales
title Dynamic cost of living index for storable goods
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