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The Index Number ProblemConstruction Theorems$
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Sydney Afriat

Print publication date: 2014

Print ISBN-13: 9780199670581

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199670581.001.0001

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The System of Inequalities ars > xs−xr

The System of Inequalities ars > xs−xr

(p.78) (p.79) 1 The System of Inequalities ars > xs−xr
The Index Number Problem

S. N. Afriat

Oxford University Press

The price index, a pervasive and old institution of economics, is a number issued by the Statistical Office that should tell anyone the ratio of costs for maintaining a given standard of living in two periods where prices differ. This picturesque indication amounts to a definition that is the basis for our approach. An immediate consequence by simple argument is the ‘New Formula’, where price indices are determined as ratios of numbers with the role of price levels that are solutions of a system of inequalities. Work on the approach continues and the system of inequalities is a reminder of a half century of experience including the present chapter.

Keywords:   revealed preference, price index, price level, index numbers, Index Number Problem, New Formula, standard of living

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