Time Reversal test (TRT) and Factor Reversal Test (FRT) | Index Numbers
🚩Timestamps:-
00:07 Session Agenda
00:15 previously
01:14 Time Reversal test (TRT) and Factor Reversal Test (FRT); theory points
04:30 Time Reversal test (TRT)
09:10 Factor Reversal Test (FRT)
13:25 Concluding Remarks
(4) Fisher's index number satisfies both the Time Reversal Test and Factor Reversal Test.
· The time reversal test implies that the formula for calculating an Index Number should be such that will give the same ratio between one point of comparison and the other, no matter which of the two is taken as base. Time Reversal means that if we change base year to current year and vice versa then the product of two indexes should be equal to unity. Thus, an index number should work both ways, i.e., forward as well as backward.
· On the other hand,
Factor Reversal Test implies, just as our formula should permit the interchange of two items without giving inconsistent results, so it ought to permit interchange of prices and quantities without giving inconsistent results, i.e., the two results multiplied together should be equal to value ratio.
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Time Reversal test (TRT) and Factor Reversal Test (FRT) | Index Numbers | 11th Commerce | by @statomics11comm
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10. "Fisher's Ideal Index With - Time Reversal & Factor Reversal Test" In Statistics
Time Reversal Test & Factor Reversal Test (TRT & FRT) - theory
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Time Reversal and Factor Reversal Test | Index Numbers | Statistics
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