An Index Number Formula Problem
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An Index Number Formula Problem
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Author : Mick Silver
language : en
Publisher: International Monetary Fund
Release Date : 2009-01-01
An Index Number Formula Problem written by Mick Silver and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
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.
Price And Quantity Index Numbers
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Author : Bert M. Balk
language : en
Publisher: Cambridge University Press
Release Date : 2012-07-19
Price And Quantity Index Numbers written by Bert M. Balk and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-19 with Business & Economics categories.
This book is the first comprehensive text on index number theory since Irving Fisher's 1922 The Making of Index Numbers. The book covers intertemporal and interspatial comparisons; ratio- and difference-type measures; discrete and continuous time environments; and upper- and lower-level indices. Guided by economic insights, this book develops the instrumental or axiomatic approach.
The Making Of Index Numbers
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Author : Irving Fisher
language : en
Publisher:
Release Date : 2015-07-20
The Making Of Index Numbers written by Irving Fisher and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-20 with Mathematics categories.
Excerpt from The Making of Index Numbers: A Study of Their Varieties, Tests, and Reliability All sciences are characterized by a close approach to exact measurement. How many of them could have made much progress without units of measurement, generally understood and accepted, it is difficult to imagine. In order to determine the pressure of steam, we do not take a popular vote: we consult a gauge. Concerning a patient's temperature, we do not ask for anybody's opinion: we read thermometer. In economics, however, as in education, though the need for quantitative measurement is as great as in physics or in medicine, we have been guided in the past largely by opinions and guesses. In the future, we must substitute measurement for guesswork. Toward this end, we must first agree upon instruments of measurement. To the Pollak Foundation for Economic Research it seems fitting, therefore, that its first publication should be The Making of Index Numbers. In this book, the author tests by every useful method, not only all the formulae for index numbers that have been used, but as well all that reasonably could be used; and he tests them by means of actual calculations, extensive and painstaking, based on actual statistical records. He proves that several of the methods of constructing index numbers now in common use are grossly inaccurate; he makes clear why some formulae are precise and others far from it; he points out how to save time in the work of calculation; and he shows how to test the results. Thus he provides us with methods of measuring such illusive things as fluctuations in real wages, in exchange rates, in volume of trade, in the cost of living, and in the purchasing power of the dollar. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works."
The Making Of Index Numbers A Study Of Their Varieties Tests And Reliability
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Author : Irving Fisher
language : en
Publisher: Foster Press
Release Date : 2008-08
The Making Of Index Numbers A Study Of Their Varieties Tests And Reliability written by Irving Fisher and has been published by Foster Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08 with Mathematics categories.
The Making Of Index Numbers; A Study Of Their Varieties, Tests, And Reliability. PREPATORY NOTE. All sciences are characterized by a close approach to exact measurement. How many of them could have made much progress without units of measurement, generally understood and accepted, it is difficult to imagine. In order to determine the prmsure of steam, we do not take a popular vote we consult a gauge. Concerning a patients temperature, we do not ask for anybodys opinion we read a thermometer. In economics, however, as in education, though the need for quantitative measurement is as great as in phyaics or in medicine, we have been guided h the past largely by opinions and guesses. In the future, we must substitute measurement for guesswork. Toward this end, we must all agree upon instruments of measurement.
The Index Number Problem
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Author : Sydney Afriat
language : en
Publisher: OUP Oxford
Release Date : 2014-02-27
The Index Number Problem written by Sydney Afriat and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-27 with Business & Economics categories.
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 Problem Of Estimation
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Author : Correa Moylan Walsh
language : en
Publisher: CreateSpace
Release Date : 2015-01-11
The Problem Of Estimation written by Correa Moylan Walsh and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-11 with Business & Economics categories.
As Reviewed by Irving Fisher Mr. Walsh is the author of "The Measurement of General Exchange Value," one of the chief classics on the subject of index numbers. The present book is partly a condensation of "The Measurement of General Exchange Value," and partly an extension of its ideas to other problems than that of index numbers. Nevertheless the chief interest in the present volume centers, I think, in the author's discussion of index numbers. It is largely taken up with a discussion of the geometric mean as contrasted with other means. Mr. Walsh has delved deep in the lore to be found in libraries on the subject and has unearthed an interesting old discussion of Galileo on "the problem of estimation." Mr. Walsh begins his book by giving the arguments of Galileo and his opponent, which are very entertaining. This old problem reads "if a horse worth 100 pounds is estimated by one person at 1000 and by another at 10, which of these two estimates is the less erroneous, or are they equally erroneous?” According to one view 10 is much nearer the truth (100) than is 1000, the difference in the first case being 90 and in the second, 900. According to another view they are equally distant, one being 10 times as large and the other 10 times as little! Galileo took the latter view and Walsh approves. In the part devoted to index numbers, Walsh (page 102) confirms my views expressed in the March Number of the Quarterly Publications of the American Statistical Association on the best formula for an index number although his method of arriving at the result is quite different from my own. It is interesting to observe that Allyn Young of Harvard in the August number of the Quarterly Journal of Economics in an article entitled “The Measurement of Changes of the General Price Level,” has reached the same result from a different angle. Walsh's argument is largely that the formula in question comes nearest to satisfying Westergaard's test, that is the so-called circular test that any index number should, if calculated from one year to another and from the second to a third and so on in a chain, give the same result as though calculated directly from the original base to the last year. In my forthcoming book on Index Numbers, to be published by the Pollak Foundation for Economic Research, I propose to show that, while index numbers which come near to satisfying Westergaard's test are better than those which fall far short of satisfying it, nevertheless there is an irreducible minimum of discrepancy which is not only inevitable in good index numbers but commendable. Much of Walsh's work in index numbers has been in the search for a formula which will completely fulfill Westergaard's test. The truth is that no such formula exists; at least not one which has different weights for each year to year comparison. But the search for such fulfillment, while in vain in the sense of being unsuccessful in its object, has nevertheless not been fruitless; for Walsh has laid secure foundations in this subject, which he was enabled to lay by virtue of his search for the impossible.
Statistical Methods
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Author : Jyotiprasad Medhi
language : en
Publisher: New Age International
Release Date : 1992
Statistical Methods written by Jyotiprasad Medhi and has been published by New Age International this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Mathematics categories.
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).
Index Numbers Elucidated
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Author : Willford Isbell King
language : en
Publisher:
Release Date : 1930
Index Numbers Elucidated written by Willford Isbell King and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1930 with Index numbers (Economics) categories.
Cost Of Living Index Numbers
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Author : Kali S. Banerjee
language : en
Publisher:
Release Date : 1975
Cost Of Living Index Numbers written by Kali S. Banerjee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Social Science categories.
Textbook on theoretical aspects of the construction of index numbers for cost of living statistical services - covers the meaning and definition of index numbers, average price calculations, family budget and consumer price surveys, sampling techniques, etc., and includes the conclusions and recommendations of the tenth international conference of labour statisticians, 1962. Bibliography pp. 171 to 175 and statistical tables.
The Making Of Tests For Index Numbers
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Author : Arthur Vogt
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14
The Making Of Tests For Index Numbers written by Arthur Vogt and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-14 with Business & Economics categories.
Arthur Vogt has devoted a great deal of his scientific efforts to both person and work of Irving Fisher. This book, written with Jànos Barta, gives an excellent impression of Fisher's great contributions to the theory of the price index on the one hand. On the other hand, it continues Fisher's work on this subject along the lines which several authors drew with respect to price index theory since Fisher's death fifty years ago. "This is a highly instructive book on both the history and theory of measurement in economics. It is rather a rich source of interesting properties of more or less well known indices and famous men, especially Irving Fisher, than a precise mathematical text on the axiomatic foundations of indices." (From the Foreword by Wolfgang Eichhorn)