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An Index Number Formula Problem: The Aggregation of Broadly Comparable Items

An Index Number Formula Problem: The Aggregation of Broadly Comparable Items by Mick Silver
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Index number theory informs us that if data on matched prices and quantities are available, a superlative index number formula is best to aggregate heterogeneous items, and a unit value index to aggregate homogeneous ones. The formulas can give very different results. Neglected is the practical case of broadly comparable items. This paper provides a formal analysis as to why such formulas differ and proposes a solution to this index number problem.
International Monetary Fund; January 2009
22 pages; ISBN 9781452717791
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Title: An Index Number Formula Problem: The Aggregation of Broadly Comparable Items
Author: Mick Silver