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The Generalized Unit Value Index

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  • Ludwig von Auer
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    Abstract

    The inflation rate is normally computed as a weighted average of individual price changes. Alternatively, this rate could be evaluated by comparing average price levels. Unfortunately, this methodology has received limited attention in past research. This study attempts to remedy this situation by introducing a group of Generalized Unit Value indices that evaluate price level changes. The group includes some well-known (Laspeyres, Paasche, Banerjee), hardly known (Lehr, Davies), and previously unknown price indices. An assessment of their axiomatic properties is presented.

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    File URL: http://www.uni-trier.de/fileadmin/fb4/prof/VWL/EWF/Research_Papers/2011-12.pdf
    File Function: First version, 2011
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    Bibliographic Info

    Paper provided by University of Trier, Department of Economics in its series Research Papers in Economics with number 2011-12.

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    Length: 35 pages
    Date of creation: 2011
    Date of revision:
    Handle: RePEc:trr:wpaper:201112

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    Related research

    Keywords: Index Theory; Inflation; Unit Value; Measurement;

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    1. 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 S206-S223, 06.
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