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The Price-Level Computation Method

Author

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  • Sydney Afriat

    ()

  • Carlo Milana

    ()

Abstract

It has been submitted that, for the very large number of different traditional type formulae to determine price indices associated with a pair of periods, which are joined with the longstanding question of which one to choose, they should all be abandoned. For the method proposed instead, price levels associated with periods are first all computed together, subject to a consistency of the data, and then price indices that are as taken together true are determined from their ratios. An approximation method can apply in the case of inconsistency. Here is an account of the mathematics of the method

Suggested Citation

  • Sydney Afriat & Carlo Milana, 2007. "The Price-Level Computation Method," Department of Economics University of Siena 499, Department of Economics, University of Siena.
  • Handle: RePEc:usi:wpaper:499
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    File URL: http://repec.deps.unisi.it/quaderni/499.pdf
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    References listed on IDEAS

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    1. Afriat, S N, 1973. "On a System of Inequalities in Demand Analysis: An Extension of the Classical Method," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 460-472, June.
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    Cited by:

    1. Sydney N. Afriat & Carlo Milana, 2007. "Price-Level Computation: Illustrations," Department of Economics University of Siena 506, Department of Economics, University of Siena.

    More about this item

    Keywords

    inflation; index-number problem; non-parametric; price index; price level; revealed preference;

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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