Aggregation of price risk over commodities: an economic index number approach.

From: American Journal of Agricultural Economics | Date: November 1, 2007| Author: | Copyright information

This article extends the economic theory of index numbers to the aggregation of price risk over commodities in production. Superlative indexes of aggregate price risk are related to Tornqvist and Fisher--type output quantity indexes. An application to major crops in Manitoba illustrates the empirical importance of the analysis.

Key words: aggregation, index numbers, price risk, production.

Index number theory is commonly used to motivate aggregation of prices over commodities. In particular, three price indexes (Fisher, Tornqvist, Walsh) are favored by the most popular criteria ...

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