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Topic: Paasche and Laspeyres indices

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Price index

Etienne Laspeyres

Geometric mean

	Statistics Finland - Quality guidelines - Indicators and Indices
		Indices are indicators of relative change which disclose how much the prices and/or quantities of a given commodity or commodity group (commodity basket) have changed in relative terms from the base period to the comparison period.
		The basic problem with Laspeyres' and Paasche's indices is that they take the consumption structure from either the base or the comparison period.
		Yet another index estimated as an average of Laspeyres' and Paasche's indices is Edgeworth's index, in which the index weights are determined as the average of the old and new commodity baskets.
	www.stat.fi /tk/tt/laatuatilastoissa/lm021400/pe_en.html (1914 words)

	A Primer on Stock-Market Averages and Indices - Mises Institute (Site not responding. Last check: 2007-09-15)
		In today's dumbed-down textbook market, thorough and accurate discussions of indices are rare, so perhaps this can be a bumpy beginning in the recovery of useful and lost discussions.
		All of Russell's 21 indices are subsets of its Russell 3000 index which, according to Russell, "represents approximately 98% of the investable U.S. equity market." (Russell 2000 components are here in.pdf format.)
		It tracks the performance of over 5,000 issues (5,079 as of June 30, 2004) of U.S.-headquartered firms and is one of the broadest indices available.
	www.mises.org /fullstory.aspx?control=1587 (1519 words)

	How Are Price Indices Calculated? (Site not responding. Last check: 2007-09-15)
		In a Laspeyres index, you are interested in what the basket of goods purchased at T would cost at T+1.
		In a Paasche index, you are interested in what the basket of goods purchased at T+1 would have cost at T. At T+1, this basket cost $21 (9x2 + 3x1), while at T it would cost $22 (10x2 + 2x1).
		What we know is that Laspeyres indices always estimate inflation to be too high, and Paasche indices to be too low - with the truth somewhere in the middle.
	www.suu.edu /faculty/tufte/E2020F01/price_indices.html (632 words)

	Business Methods - EN
		Paasche and Laspeyres indices show quite different results; in general the level of the Paasche index is higher than that of the Laspeyres index.
		Generally the indices of the NACE Rev.1 activities at the lowest level are calculated by applying the Laspeyres-formula (formula [2] above) to baskets of representative products (commodity groups) for each activity.
		Often the monthly indices are adapted as soon as possible with the information of the last available structural survey, so that the weight structure has a time lag of only one or two years.
	forum.europa.eu.int /irc/dsis/bmethods/info/data/new/embs/sts/part2a.html (5954 words)

	[No title] (Site not responding. Last check: 2007-09-15)
		Quantity indices derived from trade value figures deflated by those price indices will therefore include k: (vt/vo) / (Pt/'p) = (qt/q0) k (14) Conversely, unit value indices which are derived as the ratios of total values to quantity indices tend to include k, and thus the corresponding quantity indices exclude k.
		Further, unit value indices are often calculated for a group of similar products and therefore can include effects of changes in product mix within the commodity group: v /v (v /v) / = (v /v)/ (p/p)k q/q (15) to0 q q0 to0 to0 to E Cx.02 - 14 - 6.
		Procedure to compile the deflators: (i) Compute the unit value indices from the data on imports of the trade partners from the country concerned by individual commodities as classified at the SITC 4 digit level.
	www-wds.worldbank.org /servlet/WDSContentServer/WDSP/IB/2001/12/11/000094946_01112104010597/Rendered/INDEX/multi0page.txt (3588 words)

	EconPapers: Invariance, price indices and estimation in almost ideal demand systems (Site not responding. Last check: 2007-09-15)
		We establish that the Stone index, which lacks invariance, and the recently proposed invariant Laspeyres, Paasche and Tornqvist indices all generate biased and inconsistent estimators.
		Monte Carlo evidence shows that invariance does not necessarily lead to better estimates of price and income elasticities insofar as the Stone and Paasche indices are unambiguously inferior to the Laspeyres and Tornqvist indices, especially if prices are not strongly positively correlated.
		Second, we examine the merits of the widely used conditional ML estimator of the non-linear Almost Ideal system in which a prior value is chosen for the "subsistence" parameter.
	econpapers.repec.org /article/sprempeco/v_3A25_3Ay_3A2000_3Ai_3A3_3Ap_3A519-539.htm (319 words)

	[No title] (Site not responding. Last check: 2007-09-15)
		Para los lectores que están acostumbrados a pensar en los índices de precios como resumen de precio en distintos puntos del tiempo, tal vez sea útil añadir una breve explicación sobre la manera en que e pleamos la denominación Paasche (y posteriormente Laspeyres) para los índices de precios utiliza os en este documento.
		Del lado empírico, los índices de Paasch e y Laspeyres estarán muy cercanos cuando los precios relativos son cercanos con respecto a distintos bienes y servicios, o cuando las ponderaciones aplicadas a ellos son las mismas en la base, en este caso la línea de pobreza, que para otros hogares de la encuesta.
		Calcular el índice de Laspeyres podría ser marginalmente más conveniente, aunque dados los demás cálculos específicos, la construcción de índices de precios específicos para los hogares no debería plantear dificultades de cálculo adicionales.
	www-wds.worldbank.org /servlet/WDSContentServer/WDSP/IB/2004/08/16/000090341_20040816150621/Rendered/INDEX/LSM1350Spanish.txt (17569 words)

	FMF \| House Price Indices from the 1984-1992 MSA American Housing Surveys (Site not responding. Last check: 2007-09-15)
		It extends the hedonic price indices reported earlier to metropolitan areas surveyed during those years.
		Price indices for owner-occupied housing and for rental housing services are computed using 1985 national average housing characteristics.
		Housing inflation rates are measured using Laspeyres, Paasche, and Fisher indices.
	www.fanniemaefoundation.com /programs/jhr/v6i3-thibodeau.shtml (86 words)

	Número índice
		Los más importantes son los de Laspeyres, paasche y Fisher.
		Vamos a calcular los índices de Laspeyres, Paasche y Fischer para estudiar la variación de los precios de tres productos (I, II, III).
		Con los precios de los diferentes bienes y servicios que pertenecen a la cesta de la compra y que se recogen mensualmente (en la actualidad son 146.000 precios los que se recogen) se elabora el IPC, utilizando la fórmula de Laspeyres, que hemos visto anteriormente.
	html.rincondelvago.com /numero-indice.html (3956 words)

	Aggregate Price Indices, New Goods, and Generics. ... (Site not responding. Last check: 2007-09-15)
		This paper examines the appropriate treatment in the cost-of-living index of the appearance of new varieties of old goods.
		Thus, the authors first show in what sense Laspeyres and Paasche indices for groups of households can be considered approximations to theoretically desirable group indices and then go on to the case of new goods.
		The authors apply their results to the case of the introduction of generics in pharmaceuticals and show that proper treatment can make a considerable difference.
	db.socionet.nw.ru /RuPEc/xml/tpr/article-qjecon/tprqjeconv:110:y:1995:i:1:p:229-44.xml (88 words)

	EconPapers: Graphical interpretation of price indices and the impact of rebasings on measured inflation (Site not responding. Last check: 2007-09-15)
		Graphical interpretation of price indices and the impact of rebasings on measured inflation
		Keywords: Inflation policy; Price indices; Laspeyres; Paasche and the true cost of living indices (search for similar items in EconPapers)
		There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
	econpapers.repec.org /paper/bonbonsfb/162.htm (157 words)

	RePEc
		We estimate 72 Malthusian models and because the Paasche and Laspeyres indices we use show below average divergence, these results should be conservative.
		We find that parameters differ substantially, that parameter signs can be reversed, that r[squared]s change markedly and that hypothesis test results are reversed.
		These findings indicate the importance of estimating exact indices.
	inomics.com /cgi/repec?handle=RePEc:spr:empeco:v:20:y:1995:i:2:p:265-69 (121 words)

	Welcome to Kent Online
		This information is combined into an Index for each category weighted by current sales volumes.
		Technically the Index is a chain-linked “Fisher Index” (geometric mean of Paasche and Laspeyres indices).
		This is the best way of making sure that the index is weighted according to the most up to date buying patterns.
	www.kentonline.co.uk /business/pr_view_prnotes.asp?id=586 (220 words)

	Números índices - Monografias.com
		Los índices de Paasche y Laspeyres son utilizados frecuentemente para el cálculo del Índice de precios de cantidades, por lo general ofrecen diferentes resultados, esto se debe a la diferencia en los pesos.
		Las principales ventajas de este índice de pesos fijos más general son que evita la predisposición parcial hacia los precios, inherentes a los ya mencionados índices de Laspeyres y Paasche, y permite una comparación directa de los movimientos de los precios de un período con la base.
		Para t = 0 y t = n, esto se reduce a las ecuaciones de Laspeyres y Paasche respectivamente.
	www.monografias.com /trabajos11/numind/numind.shtml (2404 words)

	Economic Preferences (Site not responding. Last check: 2007-09-15)
		The essential issue--figuring out how to weight the prices of different goods in a world where changing prices imply changing quantities consumed--exists in a two-good world.
		Hence you can use that world to work out the logic of the situation (Paasche and Laspeyres indices, and why the real price change is larger than one and less than the other).
		In the same way, assuming an unrealistic degree of rationality is often a sensible strategy, since people are at least in part rational and we know a good deal more about the implications of rationality than about the implications of their (unknown) forms of irrationality.
	www.ssc.uwo.ca /economics/faculty/jpalmer/Articles/Articles/economic.html (561 words)

	[No title]
		First we need to calculate the price index in 1996 using: 1.
		the Paasche inde Then we can calculate the inflation rate as a simple percent difference¡N::+H::+Hª>{ Ió¨7Step 1: 1996 Price Index, Base-Year Weights (Laspeyres)¡88(ª- ¨What is the (Laspeyres) price index in 1996?
		This is identical to the calculation shown on slide 12: Inflation rate according to Laspeyres index: (109.33-100)/100 * 100% = 9.33% Inflation rate according to Paasche index: (108.24-100)/100 * 100% = 8.24%¡:!+!ø@ª,z E)ó¢¨Why Two Different Values?¨îNotice that the two indices give different values for the inflation rate.
	www.uwm.edu /People/amurshid/principles/Lesson08.ppt (250 words)

	EconPapers: PROBLEMAS EN LA MEDICIÓN DEL IPC, EL CASO COLOMBIANO (Site not responding. Last check: 2007-09-15)
		Para esto último, se computó el IPC con diferentes fórmulas de números índices (Laspeyres, Paasche, media geométrica, Ideal de Fisher y Tornqvist) y se analizó el nivel, la inflación y el sesgo por sustitución.
		Este último indicador se construyó identificando la diferencia, en porcentaje o en puntos porcentuales, de cualquier índice numérico con respecto a un índice que nos aproxima correctamente a un verdadero Indice de Costo de Vida, en este caso el índice Tornqvist encadenado.
		Los resultados obtenidos verifican que el índice utilizado por el DANE (Laspeyres) sobrestimó sistemáticamente la inflación al consumidor en 0.7 puntos porcentuales por año en el período 1989- 1998, con un rango de sobrestimación que va de 0.2 puntos porcentuales en 1991 a 1.0 puntos en 1997.
	econpapers.repec.org /paper/col000070/000540.htm (305 words)

	The Quarterly Journal of Economics - Aggregate Price Indices, New Goods, and Generics - The MIT Press
		The Quarterly Journal of Economics - Aggregate Price Indices, New Goods, and Generics - The MIT Press
		Thus, we first show in what sense Laspeyres and Paasche indices for groups of households can be considered approximations to theoretically desirable group indices and then go on to the case of new goods.
		We apply our results to the case of the introduction of generics in pharmaceuticals and show that proper treatment can make a considerable difference.
	mitpress.mit.edu /catalog/item/default.asp?sid=E16432F1-AC2F-4399-B107-18EDC4F5B602&ttype=6&tid=321 (103 words)

	hpdocente
		An Identity Concerning the Relation between the Paasche and Laspeyres Indices.
		In Theory and Application of Economic Indices, edited by W. Eichhorn, R. Henn, O. Opitz, R. Shephard.
		On the Constructibility of Consistent Price Indices Between Several Periods Simultaneously.
	www.econ-pol.unisi.it /docenti/afriat.html (2025 words)

	eBay - paasche textbooks education at low prices (Site not responding. Last check: 2007-09-15)
		Anton H. Turritin, J. Gottfried Paasche, Ontario, Paul Anisef
		On the Use of Laspeyres and Paasche Indices in a Neoclassical Import Model
		Note: Item availability and pricing may be out of date.
	product-search.ebay.com /paasche_Textbooks-Education_W0QQpoqryZpaascheQQpovcsZ1392 (98 words)

	Graphical interpretation of price indices and the impact of rebasings on measured inflation
		To our knowledge, this item is not available for download.
		Keywords: Inflation policy,Price indices,Laspeyres,Paasche and the true cost of living indices
		You too can volunteer for RePEc, for example by editing a NEP report.
	www.unites.uqam.ca /ideas/data/Papers/bonbonsfb162.html (131 words)

	Calculating price indices - Art History Online Reference and Guide (Site not responding. Last check: 2007-09-15)
		There are two main methods to calculate price indices, the Paasche index (after Hermann Paasche) and the Laspeyre index (after Etienne Laspeyres).
		The Laspeyres index systematically overstates inflation while the Paasche index understates it.
		A third index, the Fisher index (after Irving Fisher), tries to get around this problem.
	www.arthistoryclub.com /art_history/Paasche_and_Laspeyres_indices (170 words)

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