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| Definition: |
An index number property such that the algebraic product of the price index comparing period j with period i and the price index comparing period k with period j is equal to the price index that compares period k directly with period i.
The property is also known as “transitivity”. When the axiomatic approach is used, a price index number may be required to satisfy the “circularity test”.
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| Source
Publication: |
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ILO, IMF, OECD, Eurostat, UNECE, World Bank, 2004, Producer Price Index Manual: Theory and Practice, International Monetary Fund, Washington DC.
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| Statistical
Theme: Prices and purchasing power partities |
| Created
on Thursday, February 6, 2003 |
| Last
updated on Friday, July 8, 2005 |
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