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The Index Number Problem: Construction Theorems

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  • Afriat, Sydney

    (University of Siena)

Abstract

A theft amounting to L1 was a capital offence in 1260 and a judge in 1610 affirmed the law could not then be applied since L1 was no longer what it was. Such association of money with a date is well recognized for its importance in very many connections. Thus arises the need to know how to convert an amount at one date into the right amount at another date: in other words, a price index. The longstanding question concerning how such an index should be constructed is known as 'The Index Number Problem'. The ordinary consumer price index represents a practical response to this need. However the search for a true price index has given rise to extensive thought and theory to which an impressive number of economists have each contributed a word, or volume. However, there have been hold-ups at a basic level, which are addressed in this book. The approach brings the subject into involvement with utility construction on the basis of finite data, in a form referred to as 'Afriat's Theorem' but now with utility subject to constant (and also possibly approximate) returns.

Suggested Citation

  • Afriat, Sydney, 2014. "The Index Number Problem: Construction Theorems," OUP Catalogue, Oxford University Press, number 9780199670581.
  • Handle: RePEc:oxp:obooks:9780199670581
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    Cited by:

    1. Gorbunov, Vladimir, 2021. "Market demand: a holistic theory and its verification," MPRA Paper 109154, University Library of Munich, Germany.
    2. François Gardes, 2017. "Angus Deaton, prix à la mémoire d'Alfred Nobel 2015 : un maître de l'économie appliquée," Documents de travail du Centre d'Economie de la Sorbonne 17025, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    3. François Gardes, 2017. "Angus Deaton, prix à la mémoire d'Alfred Nobel 2015 : un maître de l'économie appliquée," Post-Print halshs-01535155, HAL.
    4. Ganesh Karapakula, 2022. "An Axiomatic Framework for Cost-Benefit Analysis," Papers 2207.13033, arXiv.org.
    5. Carlo Milana, 2019. "Solving the Reswitching Paradox in the Sraffian Theory of Capital," Applied Economics and Finance, Redfame publishing, vol. 6(6), pages 97-125, November.
    6. François Gardes, 2017. "Angus Deaton, prix à la mémoire d'Alfred Nobel 2015 : un maître de l'économie appliquée," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01535155, HAL.

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