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- W2227888895 abstract "Index numbers are introduced usually in the context of static (steady state) models, yet they are intended clearly to relate to dynamic situations. In a paper of Samuelson and Swamy [1] an account is given in such static terms for definition of price and quantity index for a bundle of consumption goods by minimal cost ratios to attain a level of living as measured by a cardinal utility function. For index numbers of “production possibilities”, a scalar function of output vectors, called “aggregate size”!, is used as a reference for maximal value ratios to define a price index for outputs, while the quantity index is merely a ratio of “aggregate sizes”. It would have been less arbitrary, perhaps, if the “aggregate size” scalar function had been developed on some production theoretic basis. Throughout, the role of homothetic structure of cardinal utility is emphasized for invariance of cost of living price and quantity indexes with respect to “level of living”." @default.
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- W2227888895 date "1978-01-01" @default.
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- W2227888895 title "A Dynamic Formulation of Index Functions for the Theory of Cost and Production" @default.
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