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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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The Four‐Point Formula

The Four‐Point Formula

(p.222) III.4 The Four‐Point Formula
Logic of Choice and Economic Theory

S. N. Afriat

Oxford University Press

This is the fourth of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. Together with the previous and next chapters it discusses theoretical matters arising from the finding of S. S. Byushgens (1925) that Irving Fisher's ‘Ideal Index’ is exact if demand is governed by a homogeneous quadratic utility. specifically, it addresses the four‐point formula. the eight sections of the chapter are: median multipliers and levels; centre locus; linear purchasing power; critical locations; elliptical case; hyperbolic case; parabolic limits; and demonstration: Fisher's data.

Keywords:   S. S. Byushgens, choice, choice theory, cost of living, demand, economic theory, Irving Fisher, Fisher's Ideal Index, four‐point formula, linear purchasing power, median levels, median multipliers, price index, price theory, purchasing power

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