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There is a consensus as to which price index number formula is best when price and quantity/value information are available for the aggregation of heterogeneous items. The economic theoretic approach to index number formulas supports superlative index numbers, primarily the Fisher, T?rnqvist, and Walsh indexes, all of which give similar answers. The axiomatic approach supports the Fisher index. Such findings are part of the internationally accepted manuals on consumer, producer, and (forthcoming)2 trade price indexes - ILO et al. (2004a and 2004b).
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