As with product-based hedonic techniques, substantial methodological and data advances would be needed before any such changes to the CPI could be put into practice. Undertaking this approach would require BLS to intensify research on consumer search costs, time use, service valuation, hedonic methods applied to outlet characteristics, and, more generally, how to adapt sampling methods to facilitate more extensive quality adjustment across item rotations. Since it seems unlikely that efforts in these areas could have a large effect on the CPI and given their conceptual difficulty, the panel would assign a low priority to this research.
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5 New Goods and New Outlets ."
At What Price?: Conceptualizing and Measuring Cost-of-Living and Price Indexes . Washington, DC: The National Academies Press,
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