Räumliche Preisvergleiche: Aggregationskonzepte und Forschungsperspektiven
Politicians and scientists have a strong interest in reliable regional and international comparisons of productivity, income, wages, and social benefits. Such comparisons require meaningful indicators of the regional and international price levels. The computation of such indicators utilizes multilateral price indices. The present paper introduces a general definition of multilateral price indices. A large variety of such indices has been proposed in the past. In the present paper each proposal is assigned to one of three different basic approaches: the correction approach (e.g., GEKS price index), the chaining approach (e.g., minimum spanning tree), and the homogenizing approach (e.g., Geary-Khamis price index). In the context of this partition, the differences and similarities of the various indices are presented. In particular, the analysis of the homogenizing approach goes significantly beyond the existing literature. A broader application of the homogenizing approach is advocated. Copyright Springer 2012
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Volume (Year): 6 (2012)
Issue (Month): 1 (December)
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References listed on IDEAS
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CEPA Working Papers Series
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