ON THE UNIQUENESS OF CONSUMER'S SURPLUS AND THE INVARIANCE OF ECONOMIC INDEX NUMBERS

Abstract Traditional axiomatic, economic and stochastic approaches to choosing a formula for economic index numbers are based on theoretical considerations, with little regard to whether they reflect the actual circumstances affecting the markets to which they relate. This paper presents an approach to index number formulation based on how markets operate and presents a general, parameter-based formula for price and quantity indices. Two variants of this general formula cater for the “substitution effect” in different ways and one of these variants provides a practical expression for an economic-theoretic index based on purchasers' revealed preferences. Another variant applies this approach to short-term inflation indices. A final variant provides a straightforward means of estimating purchasing power parities for spatial indices. The analysis also emphasises the importance in National Accounts of using coherent price and quantity indices, whose products generate the corresponding value indices.

Download Full-text

The Theory of Exact and Superlative Index Numbers Revisited

SSRN Electronic Journal ◽

10.2139/ssrn.699681 ◽

2005 ◽

Cited By ~ 5

Author(s):

Carlo Milana

Keyword(s):

Index Numbers

Download Full-text

Weekly Index Numbers-Measuring Business Activity

Journal of Business of the University of Chicago ◽

10.1086/232560 ◽

1940 ◽

Vol 13 (3) ◽

pp. 234

Author(s):

Guenther Baumgart

Keyword(s):

Business Activity ◽

Index Numbers

Download Full-text

The Economic Theory of Cost of Living Index Numbers. Melville J. Ulmer

Journal of Political Economy ◽

10.1086/256875 ◽

1949 ◽

Vol 57 (5) ◽

pp. 456-457

Author(s):

Lawrence R. Klein

Keyword(s):

Economic Theory ◽

Cost Of Living ◽

Index Numbers ◽

Cost Of Living Index

Download Full-text

Further Notes Regarding Selection Index Numbers

The American Naturalist ◽

10.1086/279279 ◽

1912 ◽

Vol 46 (545) ◽

pp. 302-307

Author(s):

Raymond Pearl

Keyword(s):

Selection Index ◽

Index Numbers

Download Full-text

Research on the Performance of Solar Aided Power Generation System Based on Annular Fresnel Solar Concentrator

Energies ◽

10.3390/en14061579 ◽

2021 ◽

Vol 14 (6) ◽

pp. 1579

Author(s):

Heng Zhang ◽

Na Wang ◽

Kai Liang ◽

Yang Liu ◽

Haiping Chen

Keyword(s):

Power Generation ◽

High Efficiency ◽

Low Cost ◽

Economic Index ◽

Partial Replacement ◽

Solar Concentrator ◽

Small Disturbance ◽

Step Size ◽

Water Matrix ◽

Cost Utilization

A solar-aided power generation (SAPG) system effectively promotes the high efficiency and low cost utilization of solar energy. In this paper, the SAPG system is represented by conventional coal-fired units and an annular Fresnel solar concentrator (AFSC) system. The annular Fresnel solar concentrator system is adopted to generate solar steam to replace the extraction steam of the turbine. According to the steam–water matrix equation and improved Flugel formula, the variable conditions simulation and analysis of the thermo-economic index were proposed by Matlab. Furthermore, in order to obtain the range of small disturbance, the method of partial replacement is used, that is, the extraction steam of the turbine is replaced from 0 to 100% with a step size of 20%. In this work, a SAPG system is proposed and its thermo-economic index and small disturbance scope are analyzed. The results show that the SAPG system is energy-saving, and the application scope of small disturbance is related to the quantity of the extraction steam and evaluation index.

Download Full-text