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Axiomatic Price Index Theory
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Book Synopsis Axiomatic Price Index Theory by : Bert M. Balk
Download or read book Axiomatic Price Index Theory written by Bert M. Balk and published by . This book was released on 1992 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theory of the Price Index by : W. Eichhorn
Download or read book Theory of the Price Index written by W. Eichhorn and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: We wish to thank Georg Hasenkamp for valuable comments on an earlier draft of the manuscript and Steven Diamond for his kindness in reading the manu script and providing advice regarding the style of the exposition. We are also grateful to Miss Ingeborg Kasper for her careful typing of the manu script. Contents 1. Introduction 4 2. Price Indices Depending only on Prices 2. 1 Definition, Examples, Implications 4 2. 2 Characterizations of Pri~e Indices 15 3. Price Indices Depending on Prices and Quantities 22 3. 1 Definition, Examples 23 3. 2 Fisher's System of Tests 29 3. 3 Implications and Characterizations 35 3. 4 Independence and Inconsistency of Fisher's Tests 44 3. 5 General Solution of the Inconsistency Problem 54 4. Price Levels, Price Indices, and Fisher's Equation 59 of Exchange 4. 1 Definition, Examples, Implications 60 4. 2 Characterizations of Price Levels 64 4. 3 Fisher's Equation of Exchange Reconsidered 72 Bibliography 5. 83 6. Index 88 1. Introduction In the face of the economic, political, and social problems resul ting from world-wide inflation, theories of the price index have gained new attention. This newfound interest in price indices stems from the fact that all such indices are designed to serve as yardsticks for measuring the price behavior of goods and services. That is, all price indices relate to the concept of the 'purchasing power of money'. If prices increase, then the value of the unit of money declines, i. e.
Book Synopsis Axiomatic and Economic Approaches to Elementary Price Indexes by : W. Erwin Diewert
Download or read book Axiomatic and Economic Approaches to Elementary Price Indexes written by W. Erwin Diewert and published by . This book was released on 1995 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a 1993 paper, Marshall Reinsdorf finds that the CPI components for food and gas were biased upward by about 2% and 1% per year respectively during the 1980s. He attributes this result to outlet substitution bias. The more recent paper by Reinsdorf and Moulton [1994] presents an alternative explanation for Reinsdorf's earlier results: when the BLS moved to probability sampling of prices in 1978, the micro price quotations were aggregated together using an index number formula that generates an upward bias. This paper further explores the central theoretical issue raised by the Reinsdorf-Moulton paper: the choice of an index number formula to aggregate prices at the finest level of disaggregation. This issue is examined from both axiomatic and economic perspectives. This paper also reviews the empirical literature on alternative elementary price indexes, and the recent literature on sources of bias in consumer price indexes. The findings of this paper in conjunction with the empirical work of Reinsdorf and Moulton yield a number of recommendations for Statistical Agencies which are outlined in the final section.
Author :Peter von der Lippe Publisher :Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften ISBN 13 : Total Pages :592 pages Book Rating :4.F/5 ( download)
Book Synopsis Index Theory and Price Statistics by : Peter von der Lippe
Download or read book Index Theory and Price Statistics written by Peter von der Lippe and published by Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften. This book was released on 2007 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook integrates mathematical index theory and its application in official price statistics. It tries to bridge theory and practice, due to the apparent divergence between mathematicians with ever more sophisticated and complex models and practitioners with problems that are more and more difficult to understand without broad knowledge and some experience. The text offers an introduction into axiomatic, microeconomic and stochastic reasoning as regards index numbers, with moderately difficult mathematics. It also summarizes many ongoing discussions concerning methodological merits and demerits of specific indices, such as consumer price-, producer price-, unit value- and chain indices, in official price statistics. The book is comprehensive and presents a readable overview of a great number of topics in modern price index theory and their application in inflation measurement, deflation of aggregates in National Accounts, sampling and quality adjustment in price collection and other important though controversial issues.
Book Synopsis Price and Quantity Index Numbers by : Bert M. Balk
Download or read book Price and Quantity Index Numbers written by Bert M. Balk and published by Cambridge University Press. This book was released on 2012-07-19 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A New Axiomatic Approach to Index Number Theory by : Erwin W. Diewert
Download or read book A New Axiomatic Approach to Index Number Theory written by Erwin W. Diewert and published by . This book was released on 2004 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper develops a new axiomatic approach to bilateral index number theory that treats the prices and expenditure shares on N commodities for two periods as the independent variables in the index number formula instead of the traditional approach, which treats the two price vectors and the two quantity vectors as the independent variables. The approach was suggested over a century ago by Walsh (1901). A new axiomatic characterization of the Törnqvist (1936) Theil (1967) price index is obtained.
Author :International Labour Office Publisher :International Labour Organization ISBN 13 :9789221136996 Total Pages :578 pages Book Rating :4.1/5 (369 download)
Book Synopsis Consumer Price Index Manual by : International Labour Office
Download or read book Consumer Price Index Manual written by International Labour Office and published by International Labour Organization. This book was released on 2004-08-25 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Making of Tests for Index Numbers by : Arthur Vogt
Download or read book The Making of Tests for Index Numbers written by Arthur Vogt and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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)
Book Synopsis Index Number Theory and Price Statistics by : Peter M von der Lippe
Download or read book Index Number Theory and Price Statistics written by Peter M von der Lippe and published by Walter de Gruyter GmbH & Co KG. This book was released on 2016-11-21 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Axiomatic Set Theory by : Patrick Suppes
Download or read book Axiomatic Set Theory written by Patrick Suppes and published by Courier Corporation. This book was released on 2012-05-04 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Geared toward upper-level undergraduates and graduate students, this treatment examines the basic paradoxes and history of set theory and advanced topics such as relations and functions, equipollence, more. 1960 edition.
Book Synopsis Price Index Concepts and Measurement by : W. Erwin Diewert
Download or read book Price Index Concepts and Measurement written by W. Erwin Diewert and published by University of Chicago Press. This book was released on 2010-02-15 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9789221136996 Total Pages :574 pages Book Rating :4.1/5 (369 download)
Book Synopsis Consumer Price Index Manual by : International Monetary Fund
Download or read book Consumer Price Index Manual written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-25 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The consumer price index (CPI) measures the rate at which the prices of consumer goods and services are changing over time. It is a key statistic for economic and social policymaking and has substantial and wide-ranging implications for governments, businesses, and households. This important and comprehensive Manual provides guidelines for statistical offices and other agencies responsible for constructing CPIs, and explains in-depth the methods that are used to calculate a CPI. It also examines the underlying economic and statistical concepts and principles needed for making choices in efficient and cost-effective ways, and for appreciating the full implications of those choices.
Book Synopsis Price Indexes in Time and Space by : Luigi Biggeri
Download or read book Price Indexes in Time and Space written by Luigi Biggeri and published by Springer Science & Business Media. This book was released on 2010-07-03 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with many of the most relevant topics in price index numbers theory and practice. The problem of the harmonization of CPIs and the time-space integration of baskets is analyzed at the Eu-zone level, with methodological and actual proposals on how to proceed for an overall treatment of the matte. Likewise, the construction of sub-indexes for households economic and social groups is investigated, in order to obtain specific inflation measurement instruments. Evidence from most updated databases is given. The questions of the spatial comparisons of price levels through PPPs and th.
Book Synopsis Axiomatic Theory of Economics by : Victor Aguilar
Download or read book Axiomatic Theory of Economics written by Victor Aguilar and published by Nova Biomedical Books. This book was released on 1999 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about economic theory. It is not, however, a simplified version of mainstream economics; mainstream economics is simpleminded enough already. It is certainly not in the "how to be a salesman" genre, nor does it propose to tell the reader how to make money in the framework of current financial institutions. It is an abstract treatise. The purpose of this book is to give an axiomatic foundation for the theory of economics.
Book Synopsis Axiomatic and Economic Approaches to International Comparisons by : W. Erwin Diewert
Download or read book Axiomatic and Economic Approaches to International Comparisons written by W. Erwin Diewert and published by . This book was released on 1996 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers the problem of choosing a multilateral system of index numbers in order to make aggregate price and quantity comparisons between many countries and regions. The problems involved in choosing functional forms in order to make these comparisons are both theoretically and empirically more difficult than the problems involved in choosing a bilateral index number formula. The great variation in relative prices and quantities in the international context means that the choice of a multilateral method is empirically important: different methods will give very different answers. The paper reviews ten classes of multilateral methods both from the viewpoint of the axiomatic approach as well as the economic approach. A new system of 11 desirable axioms or properties for multilateral systems is suggested. With respect to the economic approach, the concept of a superlative bilateral index number formula (which can adequately model substitution effects) is adapted to the multilateral context. Each of the 10 classes of multilateral methods is evaluated from the axiomatic and economic perspectives. Four classes of methods are identified as being `best' They are all superlative and satisfy slightly different sets of axioms.
Book Synopsis Export and Import Price Index Manual: Theory and Practice by : OECD
Download or read book Export and Import Price Index Manual: Theory and Practice written by OECD and published by OECD Publishing. This book was released on 2010-04-06 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 ...
Book Synopsis Fisher's Instrumental Approach to Index Numbers by : Marcel J. Boumans
Download or read book Fisher's Instrumental Approach to Index Numbers written by Marcel J. Boumans and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the beginning of the nineteenth century, a large number of price index number formulae have been developed, mostly named after their inventors, such as the Paasche and Layspeyres indexes. Parallel with the invention of new index formulae, criteria were developed for distinguishing between them. These parallel developments culminated in Irving Fisher's two classics on index numbers, The Purchasing Power of Money (1911) and The Making of Index Numbers (1922). In these, Fisher evaluated index formulae in a systematic way with respect to a number of “tests.” Although these two volumes are considered the “Old and New Testament” of Axiomatic Index Theory, the axiomatic approach originated from challenges to Fisher's system of tests on grounds of their inconsistency and the seeming arbitrariness of the choice of tests. That debate started with Ragnar Frisch in 1930, but the Axiomatic Index Theory only got its current name and shape - based on functional equation analysis - from Wolfgang Eichhorn in 1973. In Axiomatic Index Theory, the tests are considered as requirements on the functional form of the index number from which the index formula can be derived. If these requirements are inconsistent, no formula can be constructed. So although Fisher's work is seen as the forerunner of the Axiomatic Index Theory, his system of tests was much criticized because of its apparent internal inconsistency. The aim of this essay is to show that evaluating Fisher's work from an axiomatic perspective leads to a misconception of his empirically inclined approach to the assessment of index numbers. For a better understanding of his work on index numbers, his background in mathematics, his philosophical thinking, and his inventions of measuring instruments will all be examined.