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An Index Number Formula Problem

Author: Mick Silver

Publisher: International Monetary Fund

Published: 2009-01-01

Total Pages: 22

ISBN-13: 145187166X

Index number theory informs us that if data on matched prices and quantities are available, a superlative index number formula is best to aggregate heterogeneous items, and a unit value index to aggregate homogeneous ones. The formulas can give very different results. Neglected is the practical case of broadly comparable items. This paper provides a formal analysis as to why such formulas differ and proposes a solution to this index number problem.

The Index Number Problem

Author: Sydney Afriat

Publisher: OUP Oxford

Published: 2014-02-27

Total Pages: 235

ISBN-13: 019164952X

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A theft amounting to £1 was a capital offence in 1260 and a judge in 1610 affirmed the law could not then be applied since £1 was no longer what it was. Such association of money with a date is well recognized for its importance in very many connections. Thus arises the need to know how to convert an amount at one date into the right amount at another date: in other words, a price index. The longstanding question concerning how such an index should be constructed is known as 'The Index Number Problem'. The ordinary consumer price index represents a practical response to this need. However the search for a true price index has given rise to extensive thought and theory to which an impressive number of economists have each contributed a word, or volume. However, there have been hold-ups at a basic level, which are addressed in this book. The approach brings the subject into involvement with utility construction on the basis of finite data, in a form referred to as 'Afriat's Theorem' but now with utility subject to constant (and also possibly approximate) returns.

The Index-number Problem and Its Solution

Author: Gerhard Stuvel

Publisher: MacMillan Publishing Company

Published: 1989

Total Pages: 134

ISBN-13:

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Index numbers of price and quantity play an important role in the index-linking of government loans. The object of this study is to ascertain what formulae should be used in the construction of new index numbers to replace those known to produce biased measures of price and volume change.

Consumer Price Index Manual

Author: International Labour Office

Publisher: International Labour Organization

Published: 2004-08-25

Total Pages: 578

ISBN-13: 9789221136996

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The consumer price index (CPI) measures the rate at which prices of consumer goods and services change over time. It is used as a key indicator of economic performance, as well as in the setting of monetary and socio-economic policy such as indexation of wages and social security benefits, purchasing power parities and inflation measures. This manual contains methodological guidelines for statistical offices and other agencies responsible for constructing and calculating CPIs, and also examines underlying economic and statistical concepts involved. Topics covered include: expenditure weights, sampling, price collection, quality adjustment, sampling, price indices calculations, errors and bias, organisation and management, dissemination, index number theory, durables and user costs.

Export and Import Price Index Manual: Theory and Practice

Author: OECD

Publisher: OECD Publishing

Published: 2010-04-06

Total Pages: 705

ISBN-13: 9264085416

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A joint production by six international organizations, this manual explores the conceptual and theoretical issues that national statistical offices should consider in the daily compilation of export and import price indices. Intended for use by both ...

A Manual of Problems and Tables in Statistics

Author: Frederick Cecil Mills

Publisher:

Published: 1925

Total Pages: 224

ISBN-13:

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Statistical Methods

Author: Jyotiprasad Medhi

Publisher: New Age International

Published: 1992

Total Pages: 456

ISBN-13: 9788122404197

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The Preface Elucidates That The Text Is Designed For Degree Courses In India. However, I Imagine That It Could Play A Useful Role For Those In Britain. It Is Mainly Intended As An Introductory Text For Those Studying Social Sciences And Economics. Individuals From Other Disciplines Would, No Doubt, Still Find It Useful As A General Reference.The Chapters Are Well Written And Easy To Follow. An Appealing Feature Of The Book Is That Much Emphasis Is Placed On The Understanding And Application Of Statistical Methods. There Is Avoidance Of Excessive Presentation Of Formulae. For These Reasons Alone I Think That Students Will Find The Text Attractive. Each Chapter Finishes With A Series Of Well-Formulated Questions, Which Test The Readers' Understanding.The Two Chapters On Statistical Inference And Tests Of Significance Are Excellent.It Is A Comprehensive And Interesting Text, One That I Think Most Students Would Find Useful. Indeed, It Is An Useful Addition To My Library, Having Already Referred To It Often. The Statistician, London, Vol. 45, No. 3 (1996).