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Books > Business & Economics > Economics > Econometrics
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Index Numbers - A Stochastic Approach (Hardcover)
Loot Price: R2,963
Discovery Miles 29 630
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Index Numbers - A Stochastic Approach (Hardcover)
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'An authoritative survey with exciting new insights of special
interest to economists and econometricians who analyse
intertemporal and interspatial price relationships.' - Professor
Angus Maddison, Groningen University This book presents a
comprehensive review of recent developments in the theory and
construction of index numbers using the stochastic approach,
demonstrating the versatility of this approach in handling various
index number problems within a single conceptual framework. It also
contains a brief, but complete, review of the existing approaches
to index numbers with illustrative numerical examples. The
stochastic approach considers the index number problem as a signal
extraction problem. The strength and reliability of the signal
extracted from price and quantity changes for different commodities
depends upon the messages received and the information content of
the messages. The most important applications of the new approach
are to be found in the context of measuring rate of inflation;
fixed and chain base index numbers for temporal comparisons and for
spatial intercountry comparisons; the latter generally require
special index number formulae that result in transitive and base
invariant comparisons.
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