The Index Number Problem
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The Index-Number Problem and Its Solution
Index numbers of price and quantity play an important role in the index-linking of government loans. The object of this study is to ascertain what formulae should be used in the construction of new index numbers to replace those known to produce biased measures of price and volume change.
The Index Number Problem
Author: Sydney Afriat
language: en
Publisher: Oxford University Press, USA
Release Date: 2014-02
This volume addresses the search for a true price index, the need to know how to convert an amount at one date into the right amount at another date. The longstanding question concerning how such an index should be constructed is known as 'The Index Number Problem'.
Index Numbers in Economic Theory and Practice
There is no book currently available that gives a comprehensive treatment of the design, construction, and use of index numbers. However, there is a pressing need for one in view of the increasing and more sophisticated employment of index numbers in the whole range of applied economics and specifically in discussions of macroeconomic policy. In this book, R. G. D. Allen meets this need in simple and consistent terms and with comprehensive coverage. The text begins with an elementary survey of the index-number problem before turning to more detailed treatments of the theory and practice of index numbers. The binary case in which one time period is compared with another is first developed and illustrated with numerous examples. This is to prepare the ground for the central part of the text on runs of index numbers. Particular attention is paid both to fixed-weighted and to chain forms as used in a wide range of published index numbers taken mainly from British official sources. This work deals with some further problems in the construction of index numbers, problems which are both troublesome and largely unresolved. These include the use of sampling techniques in index-number design and the theoretical and practical treatment of quality changes. It is also devoted to a number of detailed and specific applications of index-number techniques to problems ranging from national-income accounting, through the measurement of inequality of incomes and international comparisons of real incomes, to the use of index numbers of stock-market prices. Aimed primarily at students of economics, whatever their age and range of interests, this work will also be of use to those who handle index numbers professionally. R. G. D. Allen (1906-1983) was Professor Emeritus at the University of London. He was also once president of the Royal Statistical Society and Treasurer of the British Academy where he was a fellow. He is the author of Basic Mathematics, Mathematical Analysis for Economists, Mathematical Economics and Macroeconomic Theory.