A New Class of Cyclists: Banham’s Bicycle and the Two-wheeled World it didn’t Create

Abstract

While not uncommon for innovator and innovation to merge into a single identity, it is more unusual for this to occur between object and critic. But it did happen in the 1960’s with a novel small-wheeled bicycle, the Moulton, and the British architecture and design critic Reyner Banham. Banham believed the Moulton would give rise to a new generation of middle-class urban radical cyclists who would eventually come to rely on bicycles for their transport needs. While this did not happen, the Moulton’s attention-getting technology did lead to a revived market in for bicycles among young, newly affluent consumers who bought small-wheeled utility bicycles as fashion statements and status symbols.     

Approximation of the Fisher price index by using the Lloyd–Moulton index: Simulation study

The Lloyd–Moulton price index does not make use of current-period expenditure data and, as it is commonly known, it allows us to approximate superlative indices, in particular the Fisher price index. This is a very important property for the inflation measurement and the Consumer Price Index bias calculations. In this article, we verify the utility of the Lloyd–Moulton price index in the Fisher price index approximation. We propose a simple modification of that index which reduces the variation of the estimator of an unknown parameter in this index formula. We also examine the influence of the price volatility on the quality of estimation of the parameter from the Lloyd–Moulton formula.