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The Marshall-Edgeworth index, credited to Marshall (1887) and Edgeworth (1925), [11] is a weighted relative of current period to base period sets of prices. This index uses the arithmetic average of the current and based period quantities for weighting. It is considered a pseudo-superlative formula and is symmetric. [12]
Index numbers are used especially to compare business activity, the cost of living, and employment. They enable economists to reduce unwieldy business data into easily understood terms. In contrast to a cost-of-living index based on the true but unknown utility function, a superlative index number is an index number that can be calculated. [1]
For example, a Törnqvist index summarizing labor input may weigh the growth rate of the hours of each group of workers by the share of labor compensation they receive. [7] The Törnqvist index is a superlative index, meaning it can approximate any smooth production or cost function. "Smooth" here means that small changes in relative prices for ...
Within the US Federal Government, the "condition index" (CI) is a general measure of the constructed asset's condition at a specific point in time. [2] Within the US Federal Government, CI is calculated using the same formula of the ratio of Repair Needs to Plant Replacement Value (PRV) but results are presented as a percentage where higher ...
The Malmquist Index (MI) is a bilateral index [a] that can be used to compare the production technology of two economies. It is named after Professor Sten Malmquist, on whose ideas it is based. It is also called the Malmquist Productivity Index. The MI is based on the concept of the production function. This is a function of maximum possible ...
Level of measurement or scale of measure is a classification that describes the nature of information within the values assigned to variables. [1] Psychologist Stanley Smith Stevens developed the best-known classification with four levels, or scales, of measurement: nominal , ordinal , interval , and ratio .
A list of superlatives is a list consisting of items regarded as superlative. [1] Both items and their qualities can be arrived at objectively and subjectively . An example of an objective list is Tallest buildings by height .
The Sperry–Piltz Ice Accumulation Index, or SPIA Index, is a scale for rating ice storm intensity, based on the expected footprint of an ice storm, the expected ice accumulation as a result of a storm, and the expected damage a storm inflicts on human-built structures, especially exposed overhead utility systems such as power lines.