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Stochastic Approach to Index Numbers

In: Index Numbers

Author

Listed:
  • E. A. Selvanathan

    (Griffith University)

  • D. S. Prasada Rao

    (University of New England)

Abstract

In Chapter 2 we discussed two appraoches to the derivation of index numbers, namely, the ‘functional approach’ and the ‘atomistic approach’ (which encompasses the stochastic and test approaches), and derived several index number formulae using both approaches. The atomistic approach considers the price index as a single statistical measurement of the central tendency of a set of observations (see, Frisch, 1936, for a detailed exposition). On the other hand, the functional approach relates the index numbers to their underlying utility or production function (see Diewert, 1981) within the framework of mathematical relationships.

Suggested Citation

  • E. A. Selvanathan & D. S. Prasada Rao, 1994. "Stochastic Approach to Index Numbers," Palgrave Macmillan Books, in: Index Numbers, chapter 0, pages 47-73, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23594-0_3
    DOI: 10.1007/978-1-349-23594-0_3
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    Cited by:

    1. Fujiwara, Ippei & Kimoto, Ryo & Shiratsuka, Shigenori & Shirota, Toyoichiro, 2021. "Measuring Robot Quality: Has Quality Improvement Slowed Down?," CEPR Discussion Papers 16556, C.E.P.R. Discussion Papers.
    2. Cassetta, Ernesto & Nava, Consuelo R. & Zoia, Maria Grazia, 2022. "A three-step procedure to investigate the convergence of electricity and natural gas prices in the European Union," Energy Economics, Elsevier, vol. 105(C).
    3. Gholamreza Hajargasht, 2022. "Reliability of Ideal Indexes," Papers 2210.13684, arXiv.org.
    4. Chunyun Wang & Xiaoxi Yu & Jiang Zhao, 2022. "Identifying the Real Income Disparity in Prefecture-Level Cities in China: Measurement of Subnational Purchasing Power Parity Based on the Stochastic Approach," Sustainability, MDPI, vol. 14(16), pages 1-24, August.
    5. Ilaria Benedetti & Tiziana Laureti & Luigi Palumbo & Brandon M. Rose, 2022. "Computation of High-Frequency Sub-National Spatial Consumer Price Indexes Using Web Scraping Techniques," Economies, MDPI, vol. 10(4), pages 1-20, April.

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