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All superlative indices produce similar results and are generally the favored formulas for calculating price indices. [14] A superlative index is defined technically as "an index that is exact for a flexible functional form that can provide a second-order approximation to other twice-differentiable functions around the same point." [15]
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 ...
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In particular, exercise caution when using unquantifiable rankings such as "one of the greatest" since such claims are inherently unfalsifiable due to their vagueness and ambiguity; they should only be used when directly supported by the sources.
United Kingdom-related lists of superlatives (5 C, 22 P) United States-related lists of superlatives (7 C, 42 P) V. Vietnam-related lists of superlatives (1 C)
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An example of a purely subjective list is any ranking the Greatest of All Time (G.O.A.T.) at anything, from inventors and generals to Presidents and athletes. Similar subjective lists include such topics as "Best and Worst Dressed", "Most Beautiful Women of Hollywood" and " Sexiest Man Alive ", named by People magazine annually since 1985.