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The apples and oranges theorem for price indices

  • van Veelen, Matthijs

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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File URL: http://www.sciencedirect.com/science/article/B6V84-4VDS87S-4/2/f6f86da7efa8c0c04a789a0aa57c5be6
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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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  1. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  2. 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.
  3. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
  4. 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.
  5. Dowrick, Steve & Quiggin, John, 1997. "True Measures of GDP and Convergence," American Economic Review, American Economic Association, vol. 87(1), pages 41-64, March.
  6. Matthijs van Veelen, 2002. "An Impossibility Theorem Concerning Multilateral International Comparison of Volumes," Econometrica, Econometric Society, vol. 70(1), pages 369-375, January.
  7. 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.
  8. 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.
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