The apples and oranges theorem for price indices
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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- 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.
- J. Peter Neary, 2004.
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- J. Peter Neary, 2004. "Rationalising the Penn World Table: True Multilateral Indices for International Comparisons of Real Income," Working Papers 199622, School of Economics, University College Dublin.
- Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
- 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.
- Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 99-110.
- Dowrick, Steve & Quiggin, John, 1997. "True Measures of GDP and Convergence," American Economic Review, American Economic Association, vol. 87(1), pages 41-64, March.
- Matthijs van Veelen, 2002. "An Impossibility Theorem Concerning Multilateral International Comparison of Volumes," Econometrica, Econometric Society, vol. 70(1), pages 369-375, January.
- 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.
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