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The apples and oranges theorem for price indices

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  • van Veelen, Matthijs

Abstract

The question is whether or not there is a generally meaningful way to compute price indices. I explore the duality between price and quantity indices, and present an impossibility result that is analogous to the one for quantity indices.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 103 (2009)
Issue (Month): 1 (April)
Pages: 12-14

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Handle: RePEc:eee:ecolet:v:103:y:2009:i:1:p:12-14

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Price index True index Homothetic utility functions Impossibility theorem;

References

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  1. J. Peter Neary, 1996. "Rationalising the Penn World Table - True Multilateral Indices for International Comparisons of real Income," Working Papers 199622, School Of Economics, University College Dublin.
  2. Matthijs van Veelen, 2002. "An Impossibility Theorem Concerning Multilateral International Comparison of Volumes," Econometrica, Econometric Society, vol. 70(1), pages 369-375, January.
  3. Matthijs van Veelen & Roy van der Weide, 2008. "A Note on Different Approaches to Index Number Theory," American Economic Review, American Economic Association, vol. 98(4), pages 1722-30, September.
  4. Samuelson, Paul A & Swamy, S, 1974. "Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis," American Economic Review, American Economic Association, vol. 64(4), pages 566-93, September.
  5. John Quiggin & Matthijs van Veelen, 2007. "Multilateral Indices: Conflicting Approaches?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 53(2), pages 372-378, 06.
  6. Dowrick, Steve & Quiggin, John, 1997. "True Measures of GDP and Convergence," American Economic Review, American Economic Association, vol. 87(1), pages 41-64, March.
  7. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  8. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
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Cited by:
  1. Antonio Peyrache, 2013. "Multilateral productivity comparisons and homotheticity," Journal of Productivity Analysis, Springer, vol. 40(1), pages 57-65, August.

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