The System of Price Statistics
نویسنده
چکیده
14.1 This chapter focuses on the value aggregates for goods and services that relate the major price indices, including the consumer price index (CPI), to one another. The chapter provides a deeper context for the domain of the CPI covered in Chapter 3 and the index weights dealt with in Chapter 4. It also deepens the context for defining the sample unit and the set of products, discussed in Chapter 5. 14.2 We begin by defining a value aggregate for a domain of goods and services as the sum of the products of the prices and quantities of those goods and services. A price index may be characterized as the factor giving the relative change in this value aggregate arising from changes in prices. As such, all the major price index formulae can be expressed as weighted averages of price relatives whose weights are the shares of items in the value aggregate. For the best-known price index formulae expressed as value aggregates of share-weighted averages of price relatives, see Chapter 1, equation (1.2) and Chapter 15, equation (15.8) for the Laspeyres index. See Chapter 1, equation (1.3) and Chapter 15, equation (15.9) for the Paasche index, and Chapter 1, equations (1.11)–(1.12) and Chapter 15, equations (15.21) and (15.81) for the Walsh and Törnqvist indices. As the geometric mean of the Laspeyres and Paasche indices, the Fisher ideal index of Chapter 1, equation (1.10) and Chapter 15, equation (15.12) is also a function of expenditure shares derived directly from the value aggregate. 14.3 To define a price index, we first need to know several things about the value aggregate. The value aggregate defines the following aspects of a price index:
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