price index

(redirected from Fisher Ideal Index)
Also found in: Dictionary, Thesaurus, Financial.

price index

[′prīs ‚in‚deks]
(statistics)
A statistic used primarily in economics to indicate an average level of prices in a time series; combines several series of price data into one index.
References in periodicals archive ?
For China, we take the Fisher Ideal index of personal consumption from the previous section.
Using our preferred Fisher Ideal index, we find that household consumption in 1978 was 50% higher than for the early 1930's but with improvements coming only after the late 1960's.
In the case of price indexes, the Fisher ideal index allows for the measurement of real-time changes in quantity.
2002), which is based on Shapley Value and the Log Mean Divisia Method and Modified Fisher Ideal Index method by Fengling (2004) are yet other approaches that are perfect in decomposition.
The two methods that satisfy most of these properties are Log Mean Divisia techniques and Fisher Ideal Index [Ang (2004); Fengling (2004); Liu and Ang (2007); Ang, et al.
The Fisher ideal index only became widely used in the 1990s.
Given that the Fisher Ideal index is a geometric mean, the change in the Fisher Ideal index falls between the changes in the Paasche and Laspeyres indexes.
Diewert showed that the Fisher Ideal index and the Tornqvist index are theoretically better measures of the cost of living than the traditional fixed-weighted Paasche or Laspeyres indexes.
The Bureau of Economic Analysis subsequently made available annually chained Fisher Ideal index measures of output for private business and private nonfarm business and BLS began using these as its main measures of output for major sector multifactor productivity in 1994.
The Fisher ideal index is the geometric mean of a Laspeyres and Paasche index.