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Economics and the Price Index

S.N. Afriat | Carlo Milana
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A01=Carlo Milana
A01=S.N. Afriat
Author_Carlo Milana
Author_S.N. Afriat
Category=KCA
Category=KCP
Category=PBB
Category=PBW
chain consistency
Commodity Bundle
Conical Utility
cost of living analysis
demand
Demand Correspondence
derived
Derived System
economic inequality modelling
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
exact price index construction
fisher
Fisher Index
formula
Homogeneous Consistency
Homogeneous Utility
Index Number Formulas
Index Number Problem
index number theory
Index Numbers
indices
laspeyres
Laspeyres Index
level
paasche
Paasche Indices
Polyhedral Convex Cone
Price Index
PRICE INDEX FORMULA
Price Index Property
property
Q1i Q0i
Quadratic Function
Rs Ij
Simple Chain
Simple Cycles
statistical measurement
superlative index numbers
system
Translog Functional Form
Triangle Inequality
True Price Indices
Utility Cost Function

Product details

  • ISBN 9781138805330
  • Weight: 408g
  • Dimensions: 156 x 234mm
  • Publication Date: 23 Jun 2014
  • Publisher: Taylor & Francis Ltd
  • Publication City/Country: GB
  • Product Form: Paperback
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Description

The price index, a pervasive long established institution for economics, is a number issued by the Statistical Office that should tell anyone the ratio of costs of maintaining a given standard of living in two periods where prices differ.

For a chain of three periods, the product of the ratios for successive pairs must coincide with the ratio for the endpoints. This is the chain consistency required of price indices. A usual supposition is that the index is determined by a formula involving price and quantity data for the two reference periods, always joined with the question of which one to choose, and the perplexity that chain consistency is not obtained with any. Hence finally they should all be abandoned. This situation reflects ‘The Index Number Problem’. This book brings together a coherent discussion of fifty years of astonishingly creative work on this subject.

About Carlo Milana | S.N. Afriat
S. N. Afriat , resident of Siena, intermittent adjunct at the University, Mathematics and Economics, permanent Visiting Professor. Carlo Milana , Research Director at ISAE (Istituto di Studi e Analisi Economica), Rome, a public research institution supported by the Italian Ministry of Economy and Finance.

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