Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152577
Authors: 
Blow, Laura
Crawford, Ian
Year of Publication: 
2002
Series/Report no.: 
ECB Working Paper 143
Abstract: 
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.
JEL: 
C43
D11
Document Type: 
Working Paper

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