, Volume 28, Issue 1, pp 271-284

The circular and time reversal tests reconsidered in economic price index theory

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Abstract

In this paper, a generalized definition of the well known economic price index is used to derive some similarities and dissimilarities between statistical and economic price index theory. The relationships between statistical and economic index numbers are analyzed by means of two tests taken from axiomatic (statistical) approaches which can also be formulated in an economic context.