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Fisher Ideal Index×Total Factor Productivity×
Alanİktisatİktisat
AileProcess / pipelineRegression model
Köken yılı19221957
KökenIrving Fisher; superlative theory by W. Erwin DiewertRobert Solow; Caves, Christensen & Diewert
TürSuperlative index number for aggregating prices or quantitiesProductivity measurement via index numbers and production functions
Seminal kaynakFisher, I. (1922). The Making of Index Numbers: A Study of Their Varieties, Tests, and Reliability. Boston: Houghton Mifflin. ISBN: 9780678006597Solow, R. M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312–320. DOI ↗
Diğer adlarFisher Index, Fisher's Ideal Index, Ideal Index Number, Fisher Price IndexTFP, Multifactor Productivity, MFP, Joint Factor Productivity
İlişkili34
ÖzetThe Fisher ideal index is a superlative index number that aggregates many individual prices or quantities into a single measure of overall change by taking the geometric mean of the Laspeyres (base-weighted) and Paasche (current-weighted) indices. Proposed by Irving Fisher in his 1922 treatise as the 'ideal' formula because it passes a battery of desirable axiomatic tests, it was later shown by W. Erwin Diewert to be exact for a flexible (quadratic) aggregator, giving it both an axiomatic and an economic-theoretic justification. It is the index of choice when a measure must satisfy the time-reversal and factor-reversal tests exactly.Total factor productivity (TFP), also called multifactor productivity, measures how much output an economic unit produces from a given bundle of all its inputs taken together — capital, labour, and often intermediate materials. It is the efficiency with which inputs are jointly transformed into output, and it captures everything that raises output without raising measured inputs: technology, organization, and the reallocation of resources. TFP is measured in two broad ways: the index-number approach, which forms the ratio of an aggregate output index to an aggregate input index using economically justified (superlative) weights, and the econometric production-function approach, which estimates the technology and recovers productivity as an unobserved term.
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