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Fisher Price Index
A number of different formulae, more than a hundred, have been proposed as means of calculating price indexes. While price index formulae all use price and possibly quantity data, they aggregate these in different ways. A price index aggregates various combinations of base period prices (p_0), later period prices (p_t), base period quantities (q_0), and later period quantities (q_t). Price index numbers are usually defined either in terms of (actual or hypothetical) expenditures (expenditure = price * quantity) or as different weighted averages of price relatives (p_t/p_0). These tell the relative change of the price in question. Two of the most commonly used price index formulae were defined by German economists and statisticians Étienne Laspeyres and Hermann Paasche, both around 1875 when investigating price changes in Germany. Laspeyres Developed in 1871 by Étienne Laspeyres, the formula: : P_=\frac compares the total cost of the same basket of final goods q_0 at the old ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Stanley Jevons
William Stanley Jevons (; 1 September 183513 August 1882) was an English economist and logician. Irving Fisher described Jevons's book ''A General Mathematical Theory of Political Economy'' (1862) as the start of the mathematical method in economics. It made the case that economics, as a science concerned with quantities, is necessarily mathematical. In so doing, it expounded upon the "final" (marginal) utility theory of value. Jevons' work, along with similar discoveries made by Carl Menger in Vienna (1871) and by Léon Walras in Switzerland (1874), marked the opening of a new period in the history of economic thought. Jevons's contribution to the marginal revolution in economics in the late 19th century established his reputation as a leading political economist and logician of the time. Jevons broke off his studies of the natural sciences in London in 1854 to work as an assayer in Sydney, where he acquired an interest in political economy. Returning to the UK in 1859, h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geometric Mean
In mathematics, the geometric mean is a mean or average which indicates a central tendency of a set of numbers by using the product of their values (as opposed to the arithmetic mean which uses their sum). The geometric mean is defined as the th root of the product of numbers, i.e., for a set of numbers , the geometric mean is defined as :\left(\prod_^n a_i\right)^\frac = \sqrt /math> or, equivalently, as the arithmetic mean in logscale: :\exp For instance, the geometric mean of two numbers, say 2 and 8, is just the square root of their product, that is, \sqrt = 4. As another example, the geometric mean of the three numbers 4, 1, and 1/32 is the cube root of their product (1/8), which is 1/2, that is, \sqrt = 1/2. The geometric mean applies only to positive numbers. The geometric mean is often used for a set of numbers whose values are meant to be multiplied together or are exponential in nature, such as a set of growth figures: values of the human population or inter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Order Of Approximation
In science, engineering, and other quantitative disciplines, order of approximation refers to formal or informal expressions for how accurate an approximation is. Usage in science and engineering In formal expressions, the English_numerals#Ordinal_numbers, ordinal number used before the word Order_(mathematics)#Analysis, order refers to the highest Power function, power in the series expansion used in the Approximation#Etymology_and_usage, approximation. The expressions: a ''zeroth-order approximation'', a ''first-order approximation'', a ''second-order approximation'', and so forth are used as fixed phrases. The expression a ''zero-order approximation'' is also common. Cardinal numerals are occasionally used in expressions like an ''order-zero approximation'', an ''order-one approximation'', etc. The omission of the word ''order'' leads to phrases that have less formal meaning. Phrases like first approximation or to a first approximation may refer to ''a roughly approximate va ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Of Living Index
A cost-of-living index is a theoretical price index that measures relative cost of living over time or regions. It is an index that measures differences in the price of goods and services, and allows for substitutions with other items as prices vary. There are many different methodologies that have been developed to approximate cost-of-living indexes. A Konüs index is a type of cost-of-living index that uses an expenditure function such as one used in assessing expected compensating variation. The expected indirect utility is equated in both periods. Application to price index theory The United States Consumer Price Index (CPI) is a price index that is based on the idea of a cost-of-living index. The U.S. Department of Labor's Bureau of Labor Statistics (BLS) explains the differences: The CPI frequently is called a cost-of-living index, but it differs in important ways from a complete cost-of-living measure. BLS has for some time used a cost-of-living framework in making ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francis Ysidro Edgeworth
Francis Ysidro Edgeworth (8 February 1845 – 13 February 1926) was an Anglo-Irish philosopher and political economist who made significant contributions to the methods of statistics during the 1880s. From 1891 onward, he was appointed the founding editor of ''The Economic Journal''. Life Ysidro Francis Edgeworth- the order of his forenames later reversed- was born in Edgeworthstown, County Longford, Ireland, son of Francis Beaufort Edgeworth and his wife, Rosa Florentina, daughter of Catalan general Antonio Eroles. Francis Beaufort Edgeworth, when "a restless philosophy student at Cambridge on his way to Germany", had met Rosa, a teenage Spanish refugee, on the steps of the British Museum, and they subsequently eloped. Francis Beaufort Edgeworth was son of the politician, writer, and inventor Richard Lovell Edgeworth (father also of the writer Maria Edgeworth), by his fourth wife, the botanical artist and memoirist Frances Anne, daughter of the Anglican clergyman and geog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist, and was one of the most influential economists of his time. His book '' Principles of Economics'' (1890) was the dominant economic textbook in England for many years. It brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics. Life and career Marshall was born at Bermondsey in London, second son of William Marshall (1812–1901), clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. William Marshall was a devout strict Evangelical, "author of an Evangelical epic in a sort of Anglo-Saxon language of his own invention which found some favour in its appropriate circles" and of a tract titled ''Men's Rights and Women's Duties''. Marshall had two brothers and two sisters; a cousin was the econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FTSE 100 Index
The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is a share index of the 100 companies listed on the London Stock Exchange with (in principle) the highest market capitalisation. The index is maintained by the FTSE Group, a subsidiary of the London Stock Exchange Group. Overview The index is maintained by the FTSE Group, now a wholly owned subsidiary of the London Stock Exchange, which originated as a joint venture between the ''Financial Times'' and the London Stock Exchange. It is calculated in real time and published every second when the market is open. The FTSE 100 Index was launched on 3 January 1984. The market capitalisation weighted FTSE 100 index replaced the price-weighted FT30 Index as the performance benchmark for most investors. The FTSE 100 broadly consists of the largest 100 qualifying UK companies by full market value. The total market value of a company is calculated by multiply ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nikkei, with core editorial offices across Britain, the United States and continental Europe. In July 2015, Pearson sold the publication to Nikkei for £844 million (US$1.32 billion) after owning it since 1957. In 2019, it reported one million paying subscriptions, three-quarters of which were digital subscriptions. The newspaper has a prominent focus on financial journalism and economic analysis over generalist reporting, drawing both criticism and acclaim. The daily sponsors an annual book award and publishes a " Person of the Year" feature. The paper was founded in January 1888 as the ''London Financial Guide'' before rebranding a month later as the ''Financial Times''. It was first circulated around metropolitan London by James Sherid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geometric Average
In mathematics, the geometric mean is a mean or average which indicates a central tendency of a set of numbers by using the product of their values (as opposed to the arithmetic mean which uses their sum). The geometric mean is defined as the th root of the product of numbers, i.e., for a set of numbers , the geometric mean is defined as :\left(\prod_^n a_i\right)^\frac = \sqrt /math> or, equivalently, as the arithmetic mean in logscale: :\exp For instance, the geometric mean of two numbers, say 2 and 8, is just the square root of their product, that is, \sqrt = 4. As another example, the geometric mean of the three numbers 4, 1, and 1/32 is the cube root of their product (1/8), which is 1/2, that is, \sqrt = 1/2. The geometric mean applies only to positive numbers. The geometric mean is often used for a set of numbers whose values are meant to be multiplied together or are exponential in nature, such as a set of growth figures: values of the human population or inter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicolas Dutot
Nicolas or Nicolás may refer to: People Given name * Nicolas (given name) Mononym * Nicolas (footballer, born 1999), Brazilian footballer * Nicolas (footballer, born 2000), Brazilian footballer Surname Nicolas * Dafydd Nicolas (c.1705–1774), Welsh poet * Jean Nicolas (1913–1978), French international football player * Nicholas Harris Nicolas (1799–1848), English antiquary * Paul Nicolas (1899–1959), French international football player * Robert Nicolas (1595–1667), English politician Nicolás * Adolfo Nicolás (1936–2020), Superior General of the Society of Jesus * Eduardo Nicolás (born 1972), Spanish former professional tennis player Other uses * Nicolas (wine retailer), a French chain of wine retailers * ''Le Petit Nicolas'', a series of children's books by René Goscinny See also * San Nicolás (other) * Nicholas (other) * Nicola (other) Nicola may refer to: People * Nicola (name), including a list of people with the given name o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
