Abstract
It has often been found useful to measure in some way the extent to which (with-profit) prices diverge from (zero-profit) values. But it is not satisfactory to employ a measure which varies with the choice of numeraire, for this element of arbitrariness has nothing to do with the central idea of asking how much the direction of the price vector differs from that of the value vector. We develop a measure which involves no numeraire and then illustrate its use with data from the UK, the Irish Republic and Australia.
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