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Quality Bias
Quality bias in price indices is a kind of mismeasurement if they do not incorporate data on the quality of goods from period to period, as well as their nominal price. Personal computers are a canonical case. Because of improvements in computer chips, greater and greater speeds and features have become available, without substantial increases in price. If only price information on personal computers were used, quality bias would cause growth in a consumer price index (CPI) to be overestimated, since an equivalent computer would actually be much cheaper in later periods. Determining quality Quality bias can work both ways. Faster computers with enhanced performance require greater memory and more expensive support software. Most personal computers were previously bundled with software, but now come only with a basic operating system and a requirement for the purchaser to purchase the bundled software after a "trial period", so the actual ''value'' per dollar is much lower. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UL (safety Organization)
The UL enterprise is a global safety science company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions. Established in 1894, the UL enterprise was founded as the Underwriters' Electrical Bureau (a bureau of the National Board of Fire Underwriters), and was known throughout the 20th century as Underwriters Laboratories. On January 1, 2012, Underwriters Laboratories became the parent company of a for-profit company in the U.S named UL LLC, a limited liability corporation, which took over the product testing and certification business. On June 26, 2022, the companies rebranded into three distinct organizations that make up the UL enterprise. UL Solutions partners with customers and stakeholders in more than 100 countries to help solve safety, security and sustainability challenges and is also responsible for managing and issuing the highly respected portfolio of UL Marks. The company is one of s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonic Regression
In economics, hedonic regression, also sometimes called hedonic demand theory, is a revealed preference method for estimating demand or value. It decomposes the item being researched into its constituent characteristics, and obtains estimates of the contributory value for each. This requires that the composite good (the item being researched and valued) ''can'' be reduced to its constituent parts and that those resulting parts are in some way valued by the market. Hedonic models are most commonly estimated using regression analysis, although some more generalized models such as sales adjustment grids are special cases which do not. An attribute vector, which may be a dummy or panel variable, is assigned to each characteristic or group of characteristics. Hedonic models can accommodate non-linearity, variable interaction, and other complex valuation situations. Hedonic models are commonly used in real estate appraisal, real estate economics and Consumer Price Index (CPI) calculat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boskin Commission
The Boskin Commission, formally called the "Advisory Commission to Study the Consumer Price Index", was appointed by the United States Senate in 1995 to study possible bias in the computation of the Consumer Price Index (CPI), which is used to measure inflation in the United States. Its final report, titled "Toward A More Accurate Measure Of The Cost Of Living" and issued on December 4, 1996, concluded that the CPI overstated inflation by about 1.1 percentage points per year in 1996 and about 1.3 percentage points prior to 1996. The report was important because inflation, as calculated by the Bureau of Labor Statistics, is used to index the annual payment increases in Social Security and other retirement and compensation programs. This implied that the federal budget had increased by more than it should have, and that projections of future budget deficits were too large. The original report calculated that the overstatement of inflation would add $148 billion to the deficit and $ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonic Index
A hedonic index is any price index which uses information from hedonic regression, which describes how product price could be explained by the product's characteristics. Hedonic price indexes have proved to be very useful when applied to calculate price indices for information and communication products (e.g. personal computers) and housing, Similar results were obtained by Crawford for Canada,Crawford, Allan, ”Measurement biases in the Canadian CPI: An update?” English and French, Bank of Canada Review, Spring, 1998, pp. 38-56. by Shiratsuka for Japan, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automotive Service Excellence
The National Institute for Automotive Service Excellence (ASE) is a professional certification group that certifies professionals and shops in the automotive repair and service industry in the United States and parts of Canada. It is an independent, non-profit organization created in 1972 in response to consumers needing to distinguish between potentially incompetent and competent automotive technicians. The organization aims to improve the quality of vehicle repair and service through the testing and certification of repair and service professionals. ASE Certification ASE offers certification tests for automotive professionals through Prometric Test Centers. These involve several exams, the passing of which, added with two years of relevant hands-on work experience, will merit certification. The required experience can be substituted by one year of on-the-job training and a two-year training degree. A recertification track is also offered for those who have had previous cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ASTM
ASTM International, formerly known as American Society for Testing and Materials, is an international standards organization that develops and publishes voluntary consensus technical standards for a wide range of materials, products, systems, and services. Some 12,575 ASTM voluntary consensus standards operate globally. The organization's headquarters is in West Conshohocken, Pennsylvania, about northwest of Philadelphia. It is founded in 1902 as the American Section of the International Association for Testing Materials (see also International Organization for Standardization). History A group of scientists and engineers, led by Charles Dudley, formed ASTM in 1898 to address the frequent rail breaks affecting the fast-growing railroad industry. The group developed a standard for the steel used to fabricate rails. Originally called the "American Society for Testing Materials" in 1902, it became the "American Society for Testing And Materials" in 1961. In 2001, ASTM official ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ASME
The American Society of Mechanical Engineers (ASME) is an American professional association that, in its own words, "promotes the art, science, and practice of multidisciplinary engineering and allied sciences around the globe" via "continuing education, training and professional development, codes and standards, research, conferences and publications, government relations, and other forms of outreach." ASME is thus an engineering society, a standards organization, a research and development organization, an advocacy organization, a provider of training and education, and a nonprofit organization. Founded as an engineering society focused on mechanical engineering in North America, ASME is today multidisciplinary and global. ASME has over 85,000 members in more than 135 countries worldwide. ASME was founded in 1880 by Alexander Lyman Holley, Henry Rossiter Worthington, John Edison Sweet and Matthias N. Forney in response to numerous steam boiler pressure vessel failures. Kno ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Industrial Standards
are the standards used for industrial activities in Japan, coordinated by the Japanese Industrial Standards Committee (JISC) and published by the Japanese Standards Association (JSA). The JISC is composed of many nationwide committees and plays a vital role in standardizing activities across Japan. History In the Meiji era, private enterprises were responsible for making standards, although the Japanese government too had standards and specification documents for procurement purposes for certain articles, such as munitions. These were summarized to form an official standard, the Japanese Engineering Standard, in 1921. During World War II, simplified standards were established to increase matériel output. The present Japanese Standards Association was established in 1946, a year after Japan's defeat in World War II. The Japanese Industrial Standards Committee regulations were promulgated in 1946, and new standards were formed. The Industrial Standardization Law was enacted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Price Index
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time. Overview A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, being combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the index. It is one of several price indices calculated by most national statistical agencies. The annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index (i.e. adjust for the effect of inflation) the real value of wages, salaries, and pensions; to regulate prices; and to deflate monetary magnitudes to show changes in real values. In most c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deutsches Institut Für Normung
' (DIN; in English, the German Institute for Standardisation Registered Association) is the German national organization for standardization and is the German ISO member body. DIN is a German Registered Association ('' e.V.'') headquartered in Berlin. There are currently around thirty thousand DIN Standards, covering nearly every field of technology. History Founded in 1917 as the ' (NADI, "Standardisation Committee of German Industry"), the NADI was renamed ' (DNA, "German Standardisation Committee") in 1926 to reflect that the organization now dealt with standardization issues in many fields; viz., not just for industrial products. In 1975 it was renamed again to ', or 'DIN' and is recognised by the German government as the official national-standards body, representing German interests at the international and European levels. The acronym, 'DIN' is often incorrectly expanded as ' ("German Industry Standard"). This is largely due to the historic origin of the DIN as "NADI" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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