The Index Number Problem: Construction Theorems

Hardcover | March 27, 2014

bySydney Afriat

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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 toconvert 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 animpressive 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'sTheorem" but now with utility subject to constant (and also possibly approximate) returns.

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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 toconvert an amount at one date into the right am...

Sydney Afriat was awarded a State Bursary at school for two years at Pembroke College, Cambridge. He graduated in mathematics and part physics and spent an interval during WWII at the National Physical Laboratory, Teddington, High Speed Section, Aerodynamics Division, directed by J. H. C. He was released at end of the war and whilst ...
Format:HardcoverDimensions:256 pages, 9.21 × 6.14 × 0.98 inPublished:March 27, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199670587

ISBN - 13:9780199670581

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Table of Contents

PrefaceAcknowledgementsIntroductionI: The Index Number Problem1. The New Formula2. The Power Algorithm3. Combinatorics4. Consistency5. IllustrationBibliographyII: Construction Theorems1. The system of inequalities ars xs - xr2. Principles of Choice and Preference3. Utility construction-revisited4. The construction of separable utility functions from expenditure data5. The Connection between Demand and Utility6. Revealed Preference RevealedAppendix: TerminologyAppendix 1. Constant returns, conical, homogeneousAppendix 2. NotationAppendix 3. Cost Efficient, Cost EffectiveAppendix 4. Part, Chapter, SectionNote: RES 2011 Conference Preliminary to 'Afriat's Theorem and the Index Number Problem'