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Description - Economics and the Price Index by S. N. Afriat

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.

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Book Details

ISBN: 9780415471817
ISBN-10: 0415471818
Format: Hardback
(234mm x 156mm x mm)
Pages: 288
Imprint: Routledge
Publisher: Taylor & Francis Ltd
Publish Date: 1-Oct-2008
Country of Publication: United Kingdom

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Author Biography - S. N. Afriat

University of Siena, Italy Institute of Studies and Economic Analysis, Italy

Books By S. N. Afriat

Economics and the Price Index by S. N. Afriat
Paperback, June 2014
$62.99