Index Numbers in Theory and Practice by R. G. D. Allen

By R. G. D. Allen

There is not any e-book presently to be had that provides a complete therapy of the layout, building, and use of index numbers. in spite of the fact that, there's a urgent want for one in view of the expanding and extra subtle employment of index numbers within the entire variety of utilized economics and in particular in discussions of macroeconomic coverage. during this ebook, R. G. D. Allen meets this want in basic and constant phrases and with finished coverage.

The textual content starts off with an undemanding survey of the index-number challenge prior to turning to extra distinct remedies of the idea and perform of index numbers. The binary case during which one period of time is in comparison with one other is first constructed and illustrated with a number of examples. this is often to organize the floor for the significant a part of the textual content on runs of index numbers. specific awareness is paid either to fixed-weighted and to chain kinds as utilized in a variety of released index numbers taken quite often from British legit sources.

This paintings bargains with a few extra difficulties within the development of index numbers, difficulties that are either tricky and principally unresolved. those comprise using sampling recommendations in index-number layout and the theoretical and useful therapy of caliber adjustments. it's also dedicated to a couple of particular and particular functions of index-number options to difficulties starting from national-income accounting, during the dimension of inequality of earning and overseas comparisons of actual earning, to using index numbers of stock-market costs. Aimed essentially at scholars of economics, no matter what their age and variety of pursuits, this paintings can be of use to those that deal with index numbers professionally.

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In practice two runs of annual index numbers may overlap by more than one year. There is then a choice: the runs may be spliced together in any one year or over an average of years in the overlap. There is generally no unique result of the application of the splicing 33 GENERAL SURVEY technique. The method is empirical and approximate, the more so the longer the period the index numbers need to cover. 6 Runs of Aggregativc Index Numbers It remains to provide an analysis of the main case: runs of aggregativefweighted average index numbers.

ALTERNATIVE PRICE AND QUANTITY INDEX NUMBERS ~ ~ ~ := c:: Cll 1:"' ~ g; 0 24 INDEX NUMBERS IN THEORY AND PRACTICE . 339 100 = 100·8 Some conclusions can now be drawn about the changes from 1968 to 1973 in the consumption of dairy produce by low-income pensioner families. The value of consumption increases by 33% from 1968 to 1973; this is not an index number since it is obtained by division from the values in 1968 (105·434d) and in 1973 (l40·456d). e. 132% to the nearest percentage point. We can say that the price increase for dairy produce is 32%, little less than the rise in the value of consumption.

The following table shows the result of splicing these short runs in comparison with the complete series: Spliced series: Series based on 1968 Series based on 1972 Spliced series Complete series: Based on 1968 Based on 1972 and switched to 1968=100 1968 1971 1972 100 121·S 142-9 100 121·S 100 100 1973 1974 100 142-9 9s-9 137·0 132-1 188·8 121·S 142-9 136·0 179·S 121·8 139-1 133-4 183-7 The splicing is done here in a single year common to the two series. In practice two runs of annual index numbers may overlap by more than one year.

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