Theory of the Price Index

Eichhorn, Wolfgang; Voeller, Joachim

doi:10.1007/978-3-642-45492-9

Cited by 150 publications

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“…The definitive reference on the axiomatic approach is Fisher (1922). More recent contributions to the literature include Eichhorn and Voeller (1976) and Balk (1995). However, one weakness of the axiomatic approach that has been emphasized by Afriat (1977) is that it provides answers without questions.…”

Section: Introductionmentioning

confidence: 97%

Superlative index numbers: not all of them are super

Hill

2006

Journal of Econometrics

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Section: Introductionmentioning

confidence: 97%

Superlative index numbers: not all of them are super

Hill

2006

Journal of Econometrics

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“…This approach dates back to C.M. Walsh [1901, 19211 andIrving Fisher 11911, 1921, 19221, but in more recent times the main contributors have been Eichhorn [1976, 19781 and his co-workers; see Eichhorn and Voeller [1976] and Funke and Voeller [1978, 19791. In Section 2, we list some 20 tests or mathematical properties that have been suggested as desirable for an output quantity index Q(p', p', y", y'), and in Section 3, we show that the Fisher ideal quantity index QF defined by equation (4) is the unique function which satisfies all of these tests. Thus, our first approach to the measurement of productivity change in the multiple input and output case leads to the Fisher index of productivity change PrF defined by…”

Section: Introductionmentioning

confidence: 99%

Fisher ideal output, input, and productivity indexes revisited

1992

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A productivity index for a firm is generally defined as an output index divided by an input index. The first part of the paper uses the test or axiomatic approach to index number theory in order to determine the appropriate functional form for the output and input indexes. It is found that the Fisher ideal index satisfies 21 reasonable tests and is uniquely characterized by a subset of these tests. In the remainder of the paper, the economic approach to productivity indexes introduced by Caves, Christensen, and Diewert is adopted and, again, a strong justification for the Fisher productivity index is provided.

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“…The axiomatic approach specifies axioms that a price index should satisfy, and then compares formulae on the basis of which axioms they pass and fail [see Eichhorn and Voeller (1976), and Balk (1995)]. This approach, however, was criticized by Afriat (1977) in that it provides answers without questions.…”

Section: Bilateral Comparisonsmentioning

confidence: 99%

Constructing Price Indexes across Space and Time: The Case of the European Union

Hill

2004

American Economic Review

113

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This paper considers the problem of how to construct and reconcile price indexes across space and time. Six methods for constructing price indexes on a panel are proposed along with five criteria for discriminating between them. Using these methods, spatial and temporal price indexes are computed for the 15 countrie s of the European Union (EU) over the period 1995-2000 using a panel data set constructed by merging, at a low level of aggregation, the EU's Harmonized Index of Consumer Prices (HICP) with a cross-section of OECD data. These panel price indexes are then used to test whether or not price levels and relative prices converged across the EU over this period. JEL: C43, E31, O47

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Theory of the Price Index

Cited by 150 publications

References 0 publications

Superlative index numbers: not all of them are super

Superlative index numbers: not all of them are super

Fisher ideal output, input, and productivity indexes revisited

Constructing Price Indexes across Space and Time: The Case of the European Union

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