In its most general definition, an index number is a value representing the relative variation of a variable between two determined periods (or situations).
The simple index numbers should be distinguished from the composite index numbers.
Simple index numbers describe the relative change of a single variable.
Composite index numbers allow one to describe with a single number the comparison of the set of values that several variables take in a certain situation with respect to the set of values of the same variables in a reference situation.
The reference situation defines the basis of the index number. We can say, for example, that for reference year (basis year) 1980, a certain index number has a value of 120 in 1982.
HISTORY
The first studies using index numbers date back to the early 18th century.
In 1707, the Anglican Bishop Fleetwood undertook the study of the evolution of prices between the years 1440 and 1700. This study, whose results are presented in his work Chronicon...
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(2008). Index Number. In: The Concise Encyclopedia of Statistics. Springer, New York, NY. https://doi.org/10.1007/978-0-387-32833-1_192
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