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Generalized Theil-Tornqvist Indices with Applications to International Comparisons of Prices and Real Output

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  • Prasada Rao, D S
  • Selvanathan, E Anthony
  • Pilat, Dirk

Abstract

The Theil-Tornqvist index number is widely used for binary comparisons of prices, output, and productivity. This paper describes various generalizations of the Theil-Tornqvist index for purposes of multilateral spatial comparisons due to Douglas W. Caves, Laurits R. Christensen, and W. Erwin Diewert, and more recent further generalizations due to D. S. Prasada Rao and E. Anthony Selvanathan based on the 'stochastic approach' to index numbers. The applicability of the new index numbers is demonstrated using international comparison data on private consumption expenditure and manufacturing-sector output. Copyright 1995 by MIT Press.

Suggested Citation

  • Prasada Rao, D S & Selvanathan, E Anthony & Pilat, Dirk, 1995. "Generalized Theil-Tornqvist Indices with Applications to International Comparisons of Prices and Real Output," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 352-360, May.
    • Handle: RePEc:tpr:restat:v:77:y:1995:i:2:p:352-60
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    Cited by:

    1. Neary, P.J., 1996. "True Multilateral Indexex for International Comparisons of Purchasing Power and Real Income," Papers 96/22, College Dublin, Department of Political Economy-.
    2. Selvanathan, E. A. & Selvanathan, S., 2004. "Modelling the commodity prices in the OECD countries: a stochastic approach," Economic Modelling, Elsevier, vol. 21(2), pages 233-247, March.
    3. E. A. Selvanathan, 2003. "Extending the stochastic approach to index numbers: a comment on Crompton," Applied Economics Letters, Taylor & Francis Journals, vol. 10(4), pages 213-215.
    4. Eric Blankmeyer, 1999. "Best Log-linear Index Numbers: Extensions and Applications," Econometrics 9904001, University Library of Munich, Germany.
    5. Neary, Peter, 2000. "True Multilateral Indexes for International Comparisons of Real Income: Theory and Empirics," CEPR Discussion Papers 2590, C.E.P.R. Discussion Papers.

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