A Case of 'No Man's Land' in Economics: The Theory of Index Numbers and its Applications

Lizardi, Carlos Guerrero de

doi:10.2139/ssrn.2208059

Cited by 1 publication

(1 citation statement)

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“…Since their applications in the field of purchasing power measurement, index number methods have gained much popularity in the discipline of economics (Guerrero-de-Lizardi, 2013). An index number would be derived by calculating a large amount of data for a defined variable.…”

Section: Conceptual Backgroundmentioning

confidence: 99%

Synchronicity of global construction cost indexes

Zhang

Xing

et al. 2019

ECAM

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Purpose The purpose of this paper is to examine the features and tendency of cost indices in the global construction setting. Design/methodology/approach Data from 22 countries/regions are collected and analyzed using maximum variance formulation and Kendall rank correlation coefficient. Findings It is found that global construction cost indexes (CCIs) have commonly maintained a steady increase for decades, and the CCIs synchronize with each other. Overall synchronicity and synchronicity of different countries pairs have increased with time significantly. Research limitations/implications The major limitation, however, is the availability of data: only 22 regions/countries are examined, the distribution of these regions/countries is imbalanced between different continents and various indices are adopted around the world, of which statistical methods are not same. Practical implications The implication is that a better perception of CCIs enables contractors to have a robust estimation for bidding prices and to improve the efficiency of construction projects management. The research findings also provide a useful reference for those countries that have not established construction cost indices databases to forecast the tendency of domestic construction industries. Originality/value This paper contributes to the overall body of knowledge by presenting the co-movement of global CCIs and measuring the changes of CCI synchronicity with time and in different countries pairs.

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Section: Conceptual Backgroundmentioning

confidence: 99%