Economics and the Price Index

By: S.N. Afriat, Carlo Milana

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Hardcover | 26 November 2008 | Edition Number 1

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Hardcover
290 Pages

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23.39 x 15.6 x 1.75

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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.

Industry Reviews

"Sydney Afriat is the guru of the price index" Angus Deaton (Princeton University, USA)

"Researchers interested in price indexes, inter-area comparisons, revealed preference theory, or productivity measurement will find this book an enlightening, entertaining, and highly creative treatise on where the theory should go from here." Marshall Reinsdorf (Senior Research Economist, US Bureau of Economic Analysis)

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You Can Find This Book In

Non-Fiction Economics Economic Theory & Philosophy Political Economy Microeconomics Mathematics Philosophy of Mathematics Applied Mathematics

Foreword	p. xv
Preface	p. xvii
Acknowledgements	p. xxi
Concept and Method	p. 1
The Super Price Index: Irving Fisher, and after	p. 3
The Price Level Computation Method	p. 25
Price Level Computation: Illustrations	p. 69
Bibliography	p. 101
Precursor	p. 109
The system of inequalities a_rs > X_s - X_r	p. 111
On the constructibility of consistent price indices between several periods simultaneously	p. 127
The theory of exact and superlative index numbers revisited	p. 157
Appendices	p. 221
The price index as a utility based concept	p. 223
Original approach	p. 225
New approach	p. 230
Terminology	p. 235
Notation	p. 237
Basic computer program BBC BASIC for Windows developed	p. 241
Notes	p. 249
Multilateral indices	p. 250
Chain indices	p. 254
Postscript	p. 259
Index	p. 261
Table of Contents provided by Ingram. All Rights Reserved.

Economics and the Price Index

At a Glance

Hardcover

Industry Reviews

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How to return your order

Defective items

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