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Index Numbers

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The New Palgrave Dictionary of Economics

Abstract

Index numbers are used to aggregate detailed information on prices and quantities into scalar measures of price and quantity levels or their growth. The article reviews four main approaches to bilateral index number theory where two price and quantity vectors are to be aggregated: fixed basket and average of fixed baskets, stochastic, test or axiomatic and economic approaches. The article also considers multilateral index number theory where it is necessary to construct price and quantity aggregates for more than two value aggregates. A final section notes some of the recent literature on related aspects of index number theory.

This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume

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    W. Erwin Diewert

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  1. W. Erwin Diewert
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    Diewert, W.E. (2008). Index Numbers. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_940-2

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    • DOI: https://doi.org/10.1057/978-1-349-95121-5_940-2

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    • Publisher Name: Palgrave Macmillan, London

    • Online ISBN: 978-1-349-95121-5

    • eBook Packages: Springer Reference Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences

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    Chapter history

    1. Latest

      Index Numbers
      Published:
      18 April 2017

      DOI: https://doi.org/10.1057/978-1-349-95121-5_940-2

    2. Original

      Index Numbers
      Published:
      30 November 2016

      DOI: https://doi.org/10.1057/978-1-349-95121-5_940-1

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