Huffman, Sonya Kostova; Johnson, Stanley R. - In: The Review of Economics and Statistics 86 (2004) 2, pp. 626-636
The costs of shortages and rationing are not captured by standard consumer price indices. Thus the change in real GDP per capita is an overestimate of welfare losses in transition economics. In this study virtual prices are used to calculate new cost-of-living indices (CLIs). The results for...
