Substitution bias
id:
substitution-bias-297-13218062
title:
Substitution bias
text:
Substitution bias describes a possible bias in economic index numbers if they do not incorporate data on consumer expenditures switching from relatively more expensive products to cheaper ones as prices changed. Substitution bias occurs when prices for items change relative to one another. Consider how consumer expenditures are reflected in a consumer price index. Consumers will tend to buy more of the good whose price declined, and less of the now relatively more expensive good. This change in
brand slug:
wiki
category slug:
encyclopedia
description:
original url:
https://en.wikipedia.org/wiki/Substitution_bias
date created:
date modified:
2022-11-29T22:23:18Z
main entity:
{"identifier":"Q7632130","url":"https://www.wikidata.org/entity/Q7632130"}
image:
fields total:
13
integrity:
13