By Bert M. Balk
Fee and volume indices are very important, much-used measuring tools, and it truly is hence essential to have a great realizing in their homes. This ebook is the 1st complete textual content on index quantity thought because Irving Fisher's 1922 The Making of Index Numbers. The e-book covers intertemporal and interspatial comparisons; ratio- and difference-type measures; discrete and non-stop time environments; and higher- and lower-level indices. Guided through fiscal insights, this booklet develops the instrumental or axiomatic procedure. there is not any position for behavioral assumptions. as well as material chapters, whole chapters are dedicated to the wealthy background of the topic.
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Additional resources for Price and Quantity Index Numbers: Models for Measuring Aggregate Change and Difference
N; t = 0, 1, . . , T ). 35) Finally, in order to deal with quality change the scores z nk are allowed to vary through time, so that we get K ln pnt = ln π t + t βk znk + ln εnt (n = 1, . . , N; t = 0, 1, . . 36) as our final model. This, then, is a so-called hedonic regression model. This model dates back to Court (1939) and was revitalized by Griliches (1961). 47 Other signs that the interest in the stochastic approach is reviving are the attempts to measure so-called core inflation. Although the precise meaning of this term is generally left somewhat in the dark – in some way it seems to be related to money growth – Bryan and Cecchetti (1994) proposed the weighted median of the price changes as a suitable measure of core inflation.
31 Fisher agreed with them that the purpose of an index number is a very important factor in determining what is the best index number. This is certainly true as to the elements of an index number other than the formula – the character and number of commodities, for instance. But as to the mathematical formula itself, I take a different view. . As to an index number, I would hold that an index number is itself a purpose. It is a purpose . . sufficiently homogeneous within its own realm to require certain definite general criteria of its own, whatever the sub-purpose within the domain of index numbers may be.
Walsh (1924) characterized Edgeworth’s position by concluding that Professor Edgeworth accepts the circular test, but swallows the small non-fulfilment of it in ordinary cases, and tries to cast out the glaring non-fulfilment in violent suppositions, by alleging that these are unallowable. (p. 510) Walsh then proceeds by attacking Edgeworth’s stochastic approach. The analogy of price relatives to observations is purely fanciful. The true altitude of the sun is independent of the errors we make in observing it.
Price and Quantity Index Numbers: Models for Measuring Aggregate Change and Difference by Bert M. Balk