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Author: Mick Silver
Publisher: International Monetary Fund
ISBN: 145187166X
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
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.
Author: Mick Silver
Publisher: International Monetary Fund
ISBN: 145187166X
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
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.
Author: Sydney Afriat
Publisher: OUP Oxford
ISBN: 019164952X
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
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.
Author: Jyotiprasad Medhi
Publisher: New Age International
ISBN: 9788122404197
Category : Mathematics
Languages : en
Pages : 456
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Book Description
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).
Author: Bert M. Balk
Publisher: Cambridge University Press
ISBN: 1107404967
Category : Business & Economics
Languages : en
Pages : 301
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Book Description
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.
Author: Irving Fisher
Publisher:
ISBN:
Category : Index numbers (Economics)
Languages : en
Pages : 576
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Book Description
Author: Allyn Abbott Young
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 320
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Book Description
Economics and war.--War debts, external and internal.--Hungary in 1925.--The trend of prices.--The structure and policies of the federal reserve system--The concentration of wealth and its meaning.--Personal and impersonal taxation.--Depreciation and rate control.--The Sherman act and the new anti-trust legislation.--Some limitations of the value concept.--Jevon's "Theory of political economy"--The trend of economics, as seen by some American economists.--The measurement of changes of the general price level.--Fisher's "The making of index numbers."
Author: Irving Fisher
Publisher:
ISBN: 9781440065248
Category : Mathematics
Languages : en
Pages : 564
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Book Description
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."
Author: Allyn Abbott Young
Publisher:
ISBN:
Category :
Languages : en
Pages : 316
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Book Description
Author: Frederick Cecil Mills
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 624
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Book Description
Author: Gerhard Stuvel
Publisher: MacMillan Publishing Company
ISBN:
Category : Econometrics
Languages : en
Pages : 134
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Book Description
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.
