Aggregation Problem
Economics, Branch, Broadfield, Behavior, Encompasses
978-613-6-16435-9
6136164353
116
2012-05-07
39,00 €
eng
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. An aggregate in economics is a summary measure describing a market or economy. The aggregation problem refers to the difficulty of treating an empirical or theoretical aggregate as if it reacted like a less-aggregated measure, say, about behavior of an individual agent as described in general microeconomic theory. Examples of aggregates in micro- and macroeconomics relative to less aggregated counterparts are:Standard theory uses simple assumptions to derive general, and commonly accepted, results such as the law of demand to explain market behavior. An example is the abstraction of a composite good. It considers the price of one good changing proportionately to the composite good, that is, all other goods. If this assumption is violated and the agents are subject to aggregated utility functions, restrictions on the latter are necessary to yield the law of demand. The aggregation problem emphasizes:
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