Thomas Bayes was an English statistician, philosopher and Presbyterian minister who is known for formulating a specific case of the theorem that bears his name: Bayes' theorem. Bayes never published what would become his most famous accomplishment; his notes were edited and published posthumously by Richard Price.
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time. The CPI is calculated by using a representative basket of goods and services. The basket is updated periodically to reflect changes in consumer spending habits. The prices of the goods and services in the basket are collected monthly from a sample of retail and service establishments. The prices are then adjusted for changes in quality or features. Changes in the CPI can be used to track inflation over time and to compare inflation rates between different countries. The CPI is not a perfect measure of inflation or the cost of living, but it is a useful tool for tracking these economic indicators.
In economics, the GDP deflator is a measure of the money price of all new, domestically produced, final goods and services in an economy in a year relative to the real value of them. It can be used as a measure of the value of money. GDP stands for gross domestic product, the total monetary value of all final goods and services produced within the territory of a country over a particular period of time.
A market basket or commodity bundle is a fixed list of items, in given proportions. Its most common use is to track the progress of inflation in an economy or specific market. That is, to measure the changes in the value of money over time. A market basket is also used with the theory of purchasing price parity to measure the value of money in different places.
Stigler's law of eponymy, proposed by University of Chicago statistics professor Stephen Stigler in his 1980 publication Stigler’s law of eponymy, states that no scientific discovery is named after its original discoverer. Examples include Hubble's law, which was derived by Georges Lemaître two years before Edwin Hubble; the Pythagorean theorem, which was known to Babylonian mathematicians before Pythagoras; and Halley's Comet, which was observed by astronomers since at least 240 BC. Stigler named the sociologist Robert K. Merton as the discoverer of "Stigler's law" to show that it follows its own decree, though the phenomenon had been noted by others.
George Joseph Stigler was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics.
Stephen Mack Stigler is the Ernest DeWitt Burton Distinguished Service Professor at the Department of Statistics of the University of Chicago. He has authored several books on the history of statistics; he is the son of the economist George Stigler.
In economics, hedonic regression, also sometimes called hedonic demand theory, is a revealed preference method for estimating demand or value. It decomposes the item being researched into its constituent characteristics, and obtains estimates of the contributory value for each. This requires that the composite good can be reduced to its constituent parts and that those resulting parts are in some way valued by the market. Hedonic models are most commonly estimated using regression analysis, although some more generalized models such as sales adjustment grids are special cases which do not.
In the United Kingdom, the Retail Prices Index or Retail Price Index (RPI) is a measure of inflation published monthly by the Office for National Statistics. It measures the change in the cost of a representative sample of retail goods and services.
The Boskin Commission, formally called the "Advisory Commission to Study the Consumer Price Index", was appointed by the United States Senate in 1995 to study possible bias in the computation of the Consumer Price Index (CPI), which is used to measure inflation in the United States. Its final report, titled "Toward A More Accurate Measure Of The Cost Of Living" and issued on December 4, 1996, concluded that the CPI overstated inflation by about 1.1 percentage points per year in 1996 and about 1.3 percentage points prior to 1996.
The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). It is a consumer price index which is compiled according to a methodology that has been harmonised across EU countries. The euro area HICP is a weighted average of price indices of member states who have adopted the euro. The primary goal of the ECB is to maintain price stability, defined as keeping the year on year increase HICP target on 2% over the medium term. In order to do that, the ECB can control the short-term interest rate through Eonia, the European overnight index average, which affects market expectations. The HICP is also used to assess the convergence criteria on inflation which countries must fulfill in order to adopt the euro. In the United Kingdom, the HICP is called the CPI and is used to set the inflation target of the Bank of England.
The United States Consumer Price Index (CPI) is a set of various consumer price indices published monthly by the U.S. Bureau of Labor Statistics (BLS). The most commonly used are the CPI-U and the CPI-W, though many alternative versions exist. The CPI-U is the most popular measure of consumer inflation in the United States.
The Stigler diet is an optimization problem named for George Stigler, a 1982 Nobel laureate in economics, who posed the following problem:
For a moderately active man weighing 154 pounds, how much of each of 77 foods should be eaten on a daily basis so that the man’s intake of nine nutrients will be at least equal to the recommended dietary allowances (RDAs) suggested by the National Research Council in 1943, with the cost of the diet being minimal?
Wilson Allen Wallis was an American economist and statistician who served as president of the University of Rochester. He is best known for the Kruskal–Wallis one-way analysis of variance, which is named after him and William Kruskal.
The Consumer Price Index (CPI) is the official measure of inflation in consumer prices in the United Kingdom. It is also called the Harmonised Index of Consumer Prices (HICP).
The International Statistical Institute (ISI) is a professional association of statisticians. It was founded in 1885, although there had been international statistical congresses since 1853. The institute has about 4,000 elected members from government, academia, and the private sector. The affiliated associations have membership open to any professional statistician.
This page lists details of the consumer price index by country
The consumer price index (CPI) is the official measure of inflation in South Africa. One variant, the consumer price index excluding mortgage costs (CPIX), is officially targeted by the South African Reserve Bank and a primary measure that determines national interest rates.
The United States Chained Consumer Price Index (C-CPI-U), also known as chain-weighted CPI or chain-linked CPI is a time series measure of price levels of consumer goods and services created by the Bureau of Labor Statistics as an alternative to the US Consumer Price Index. It is based on the idea that when prices of different goods change at different rates, consumers will adjust their purchasing patterns by purchasing more of products whose relative prices have declined and fewer of those whose relative price has increased. This reduces the cost of living reported, but has no change on the cost of living; it is simply a way of accounting for a microeconomic "substitution effect." The "fixed weight" CPI also takes such substitutions into account, but does so through a periodic adjustment of the "basket of goods" that it represents, rather than through a continuous adjustment in that basket. Application of the chained CPI to federal benefits has been controversially proposed to reduce the federal deficit.
TheStatistical Research Group (SRG) was a research group at Columbia University focused on military problems during World War II. Abraham Wald, Allen Wallis, Herbert Solomon, Frederick Mosteller, George Stigler and Milton Friedman were all part of the group in which 18 researchers participated.
