What does the Consumer Price Index for prescription drugs really measure?
This article examines the conceptually desirable attributes of a fully quality-adjusted prescription drug price index. It provides an understanding of how the Consumer Price Index for prescription drugs and medical supplies treats quality changes in prescription drugs and, in particular, quality changes associated with the introduction of new drugs.
Cleeton
D L
DL
Department of Economics, Oberlin College, OH 44074.
Goepfrich
V T
VT
Weisbrod
B A
BA
D000043:Abstracting and Indexing; D003627:Data Interpretation, Statistical; D016527:Drug Costs / Q000145:classification* / Q000706:statistics & numerical data; D011307:Drug Prescriptions / Q000191:economics*; D006801:Humans; D017059:Models, Econometric; D011786:Quality Control; D014481:United States