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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]
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 ...
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]
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The new measure, called a "superlative" index, is designed to be a closer approximation to a "cost-of-living" index than the other measures. The use of expenditure data for both a base period and the current period in order to average price change across item categories distinguishes the C-CPI-U from the existing CPI measures, which use only a ...
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 ...
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)
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.