How to measure the average rate of change?

This paper contributes to the theory of average rate change (ARC) measurement. We use an axiomatic approach generalize conventional ARC measures (such as difference quotient and continuously compounded growth rate) in several directions: outcome variables with arbitrary connected domains, not necessarily time-shift invariant dependence on time, more general (than interval) time sets, a path-dependent setting, benchmark-based evaluation. also revisit relationship between measurement intertemporal choice models. • Average is related choice. An developed. Various generalizations are proposed.