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The Generalized Unit Value Index Family

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  • Ludwig Auer

Abstract

type="main"> This study introduces a group of Generalized Unit Value indices that evaluate price level changes. The approach is to transform the original price and quantity data into numbers that all relate to a common unit which provides the same intrinsic worth to the consumers. When, in the transformed data, an equivalence of worth is present, then even incommensurables can be aggregated by the standard unit value method. The group of Generalized Unit Value indices includes some well-known (Laspeyres, Paasche, Banerjee), barely known (Lehr, Davies), and previously quite unknown price indices. Using a Generalized Unit Value price index as a deflator yields a particularly appealing and useful quantity index.

Suggested Citation

  • Ludwig Auer, 2014. "The Generalized Unit Value Index Family," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(4), pages 843-861, December.
    • Handle: RePEc:bla:revinw:v:60:y:2014:i:4:p:843-861
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    File URL: http://hdl.handle.net/10.1111/roiw.12042
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    References listed on IDEAS

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    1. Lorraine Ivancic & Kevin J. Fox, 2013. "Understanding Price Variation Across Stores and Supermarket Chains: Some Implications for CPI Aggregation Methods," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 59(4), pages 629-647, December.
    2. Mick Silver, 2010. "The Wrongs And Rights Of Unit Value Indices," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(s1), pages 206-223, June.
    3. Ludwig von Auer, 2011. "The Generalized Unit Value Index," Research Papers in Economics 2011-12, University of Trier, Department of Economics.
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    2. W. Erwin Diewert, 2022. "Scanner Data, Elementary Price Indexes and the Chain Drift Problem," Springer Books, in: Duangkamon Chotikapanich & Alicia N. Rambaldi & Nicholas Rohde (ed.), Advances in Economic Measurement, chapter 0, pages 445-606, Springer.
    3. Diewert, Erwin & Marandola, Tina, 2018. "Scanner Data, Elementary Price Indexes and the Chain Drift Problem," Microeconomics.ca working papers tina_marandola-2018-9, Vancouver School of Economics, revised 10 Oct 2018.
    4. Li-Chun Zhang & Ingvild Johansen & Ragnhild Nygaard, 2019. "Evaluating multilateral price indices in a dynamic item universe," Discussion Papers 914, Statistics Norway, Research Department.
    5. Ludwig von Auer & Jochen Wengenroth, 2019. "Consistent Aggregation With Superlative and Other Price Indices," Research Papers in Economics 2019-13, University of Trier, Department of Economics.
    6. Adam Gorajek, 2018. "Econometric Perspectives on Economic Measurement," RBA Research Discussion Papers rdp2018-08, Reserve Bank of Australia.
    7. Diewert, Erwin, 2019. "Quality Adjustment and Hedonics: A Unified Approach," Microeconomics.ca working papers erwin_diewert-2019-2, Vancouver School of Economics, revised 14 Mar 2019.
    8. Li-Chun Zhang & Ingvild Johansen & Ragnhild Nygaard, 2018. "Tests for price indices in a dynamic item universe," Papers 1808.08995, arXiv.org, revised Oct 2018.
    9. Zhang Li-Chun & Johansen Ingvild & Nygaard Ragnhild, 2019. "Tests for Price Indices in a Dynamic Item Universe," Journal of Official Statistics, Sciendo, vol. 35(3), pages 683-697, September.
    10. Ana M. Aizcorbe & Jeff Chen, 2022. "Outlet Substitution Bias Estimates for Ride Sharing and Taxi Rides in New York City," BEA Working Papers 0192, Bureau of Economic Analysis.
    11. Ana Aizcorbe & Jeffrey C. Chen, 2023. "Outlet Substitution Bias Estimates for Ride Sharing and Taxi Rides in New York City," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2023-02, Economic Statistics Centre of Excellence (ESCoE).

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