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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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Wald's ‘New Formula’

Wald's ‘New Formula’

(p.246) III.5 Wald's ‘New Formula’
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

This is the last of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. Together with the previous two chapters, it discusses theoretical matters arising from the finding of S. S. Byushgens (1925) that Irving Fisher's ‘Ideal Index’ is exact if demand is governed by a homogeneous quadratic utility. Specifically, it addresses the A. Wald's ‘New Formula’. The four sections of the chapter are: linear expansions; revealed purchasing power; yhe critical points; and marginal price indices and limits.

Keywords:   S. S. Byushgens, choice, choice theory, cost of living, demand, economic theory, Irving Fisher, Fisher's Ideal Index, four‐point formula, marginal price indices, price index, price theory, purchasing power

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