Statistical indices

Statistical indices Topics

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Walsh index

The statistical indexwhere is the price per unit in period and is the quantity produced in period .

Paasche's index

The statistical indexwhere is the price per unit in period and is the quantity produced in period .

Mitchell index

The statistical indexwhere is the price per unit in period and is the quantity produced in period .

Laspeyres' index

The statistical indexwhere is the price per unit in period and is the quantity produced in the initial period.

Index number

A statistic which assigns a single number to several individual statistics in order to quantify trends. The best-known index in the United States is the consumer price index, which gives a sort of "average" value for inflation based on price changes for a group of selected products. The Dow Jones and NASDAQ indexes for the New York and American Stock Exchanges, respectively, are also index numbers.Let be the price per unit in period , be the quantity produced in period , and be the value of the units. Let be the estimated relative importance of a product. There are several types of indices defined, among them those listed in the following table. indexabbr.formulaBowley indexFisher indexgeometric mean indexharmonic mean indexLaspeyres' indexmarshall-Edgeworth indexmitchell indexPaasche's indexWalsh index..

Harmonic mean index

The statistical indexwhere is the price per unit in period , is the quantity produced in period , and the value of the units, and subscripts 0 indicate the reference year.

Geometric mean index

The statistical indexwhere is the price per unit in period , is the quantity produced in period , and the value of the units.