The Index Number Problem
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The Index Number Problem And Its Solution
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Author : G. Stuvel
language : en
Publisher: Springer
Release Date : 1989-06-18
The Index Number Problem And Its Solution written by G. Stuvel and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-06-18 with Business & Economics categories.
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.
Index Numbers
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Author : D.S. Prasada Rao
language : en
Publisher: Springer
Release Date : 2016-07-27
Index Numbers written by D.S. Prasada Rao and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
'An authoritative survey with exciting new insights of special interest to economists and econometricians who analyse intertemporal and interspatial price relationships.' - Professor Angus Maddison, Groningen University This book presents a comprehensive review of recent developments in the theory and construction of index numbers using the stochastic approach, demonstrating the versatility of this approach in handling various index number problems within a single conceptual framework. It also contains a brief, but complete, review of the existing approaches to index numbers with illustrative numerical examples. The stochastic approach considers the index number problem as a signal extraction problem. The strength and reliability of the signal extracted from price and quantity changes for different commodities depends upon the messages received and the information content of the messages. The most important applications of the new approach are to be found in the context of measuring rate of inflation; fixed and chain base index numbers for temporal comparisons and for spatial intercountry comparisons; the latter generally require special index number formulae that result in transitive and base invariant comparisons.
Index Numbers In Economic Theory And Practice
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Author : R. G. D. Allen
language : en
Publisher: Routledge
Release Date : 2017-07-12
Index Numbers In Economic Theory And Practice written by R. G. D. Allen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-12 with Business & Economics categories.
There is no book currently available that gives a comprehensive treatment of the design, construction, and use of index numbers. However, there is a pressing need for one in view of the increasing and more sophisticated employment of index numbers in the whole range of applied economics and specifically in discussions of macroeconomic policy. In this book, R. G. D. Allen meets this need in simple and consistent terms and with comprehensive coverage. The text begins with an elementary survey of the index-number problem before turning to more detailed treatments of the theory and practice of index numbers. The binary case in which one time period is compared with another is first developed and illustrated with numerous examples. This is to prepare the ground for the central part of the text on runs of index numbers. Particular attention is paid both to fixed-weighted and to chain forms as used in a wide range of published index numbers taken mainly from British official sources. This work deals with some further problems in the construction of index numbers, problems which are both troublesome and largely unresolved. These include the use of sampling techniques in index-number design and the theoretical and practical treatment of quality changes. It is also devoted to a number of detailed and specific applications of index-number techniques to problems ranging from national-income accounting, through the measurement of inequality of incomes and international comparisons of real incomes, to the use of index numbers of stock-market prices. Aimed primarily at students of economics, whatever their age and range of interests, this work will also be of use to those who handle index numbers professionally.
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.
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.
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 Index Number Problem
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Author : Sydney Afriat
language : en
Publisher: Oxford University Press
Release Date : 2014-02
The Index Number Problem written by Sydney Afriat and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02 with Business & Economics categories.
This volume addresses the search for a true price index, the need to know how to convert an amount at one date into the right amount at another date. The longstanding question concerning how such an index should be constructed is known as 'The Index Number Problem'.
Some Problems Of Index Number Construction
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Author : Ronald Frederick Fowler
language : en
Publisher:
Release Date :
Some Problems Of Index Number Construction written by Ronald Frederick Fowler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with Index numbers (Economics) categories.
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)
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.