Definition: Mean value test for prices

Consumer Price Index

A test under the axiomatic approach, which requires that the price index should lie between the smallest price relative and the largest price relative.
Source:
International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), Statistical Office of the European Communities (Eurostat), United Nations (UNECE), The World Bank, Consumer Price Index Manual: Theory and Practice, Geneva, August 2004
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