Price-Level Computation: Illustrations

Sydney N. Afriat () and Carlo Milana

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: It has been submitted that, for the very large number of different traditional type formulae to determine price indices associated with a pair of periods, which are joined with the longstanding question of which one to choose, they should all be abandoned. For the method proposed instead, price levels associated with periods are first all computed together, subject to a consistency of the data, and then price indices that are true taken together are determined from their ratios. An approximation method can apply in the case of inconsistency. Here are illustrations of the method.

Keywords: index-number problem; inflation; non-parametric; price index; price level; revealed preference. (search for similar items in EconPapers)
JEL-codes: C43 E31 (search for similar items in EconPapers)
Date: 2007-07
New Economics Papers: this item is included in nep-mac and nep-mon
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