Bounding an Economic Monetary Aggregate Under Nonhomothetic Preferences
为非齐次偏好下的真实数量指数构建非参数边界，无需假设加总函数形式。使用满足加总条件的货币资产，发现Törnqvist指数几乎总在边界内，而简单加总超过三分之一时间在边界外。
We construct nonparametric bounds on true-quantity indexes for the realistic case of nonhomothetic preferences. These bounds do not require assumptions about the form of the underlying aggregator function. We construct these bounds using monetary assets that meet necessary conditions for the existence of an aggregate. We find that a Törnqvist index of these monetary assets falls within the nonparametric bounds on true-quantity indexes almost all of the time, whereas a simple sum of these monetary assets falls outside these bounds more than one-third of the time.