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Comment on Different Approaches to Index Number Theory.doc

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Comment on Different Approaches to Index Number Theory.doc

Chapter 12 ALTERNATIVE APPROACHES TO INDEX NUMBER THEORY W. Erwin Diewert and Robert J. Hill 1. Introduction The present paper reconsiders the fundamental concepts of true and exact indexes, as these concepts are defined in the index number literature. These concepts form the bedrock of the economic approach to index number theory. A true index is the underlying target – the thing we are trying to measure. An empirically calculable index is exact when, under certain conditions, it exactly equals the true index. Also discussed briefly is the fundamental distinction between the axiomatic and economic approaches. This paper was inspired by the 2008 American Economic Review paper of Van Veelen and van der Weide, henceforth VW. VW provide some interesting new perspectives on these issues. VW have two main objectives. First, they attempt to give precise meanings to the concepts of exact and true indexes. A few definitions of a true index have been provided in the literature. VW propose some new and broader definitions that aim to include all of these as special cases. Some of the existing definitions, however, are more established than others. In particular, a broad consensus is already established in favor of the Konüs (1924) and Allen (1949) index definitions (which are closely related). One problem with VW’s new definitions are that by seeking to embrace also the less established definition associated with Afriat (1981), they end up with outcomes that are quite abstract and differ considerably from the consensus position. Hence it might have been better if VW had introduced a new terminology rather than adding to the existing definitions of true indexes. VW also identify some problems with the standard definition of exactness, most notably that for some well known index number formulae the exactness property does not always hold for all strictly positive prices. This is an important finding. However, rather than changing the definition of exactness, we argue that