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A theory of average growth rate indices

Alexander G. Alexeev and Mikhail Sokolov
Authors registered in the RePEc Author Service: Aleksandr Alekseev

Mathematical Social Sciences, 2014, vol. 71, issue C, 101-115

Abstract: This paper develops an axiomatic theory of an economic variable average growth rate (average rate of change) measurement. The obtained structures generalize the conventional measures for average rate of growth (such as the difference quotient, and the continuously compounded growth rate) to an arbitrary domain of the underlying variable and comprise various models of growth. These structures can be described with the help of intertemporal choice theory by means of parametric families of time preference relations on the “prize-time” space with a parameter representing the subjective discount rate.

Date: 2014
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Working Paper: A Theory of Average Growth Rate Indices (2013) Downloads
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DOI: 10.1016/j.mathsocsci.2014.05.004

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