Economics and the Price Index (Routledge Frontiers of Political Economy) - Softcover

Afriat, S.N.; Milana, Carlo

 
9781138805330: Economics and the Price Index (Routledge Frontiers of Political Economy)
Softcover
ISBN 10: 1138805335 ISBN 13: 9781138805330
Publisher: Routledge, 2014

Synopsis

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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About the Author

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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Publisher
Routledge
Publication date
2014
Language
English
ISBN 10 
1138805335
ISBN 13 
9781138805330
Binding
Paperback
Edition number
1
Number of pages
288