The Economics and Mathematics of Aggregation

The Economics and Mathematics of Aggregation PDF

Author: Pierre-André Chiappori

Publisher: Now Publishers Inc

Published: 2009

Total Pages: 165

ISBN-13: 1601982887

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The Economics and Mathematics of Aggregation provides a general characterization of group behavior in a market environment. A crucial feature of the authors' approach is that they do not restrict the form of individual preferences or the nature of individual consumptions. The authors allow for public as well as private consumption, for intragroup production, and for any type of consumption externalities across group members. The main questions addressed are: what restrictions (if any) on the aggregate demand function characterize the efficient behavior of the group and when is it possible to recover the underlying structure - namely, individual preferences, the decision process and the resulting intragroup transfers - from the group's aggregate behavior? The Economics and Mathematics of Aggregation takes an alternative, axiomatic perspective -- the 'collective' approach -- and assumes that the group always reaches Pareto efficient decisions. The authors view efficiency as a natural assumption in many contexts and as a natural benchmark in all cases. Finally, even in the presence of asymmetric information, first best efficiency is a natural benchmark. However, it is important to note that no restriction is placed on the form of the decision process beyond efficiency.

Aggregation in Economic Analysis

Aggregation in Economic Analysis PDF

Author: H.A. John Green

Publisher: Princeton University Press

Published: 2015-12-08

Total Pages: 140

ISBN-13: 1400876664

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Professor Green discusses the definition of consistent aggregation and the problem of grouping variables in a single equation; he deals with the aggregation of equations and the probable errors; and summarizes, with reference to the text, the considerations involved in selecting an appropriate form of aggregation. The author's survey presents a well-balanced overview and analysis of aggregation, and makes readily accessible for the first time much material otherwise difficult to obtain. Originally published in 1964. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Aggregation and Representation of Preferences

Aggregation and Representation of Preferences PDF

Author: Andranick S. Tanguiane

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 335

ISBN-13: 3642765165

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Aggregation is the conjunction of information, aimed at its compact represen tation. Any time when the totality of data is described in terms of general ized indicators, conventional counts, typical representatives and characteristic dependences, one directly or indirectly deals with aggregation. It includes revealing the most significant characteristics and distinctive features, quanti tative and qualitative analysis. As a result, the information becomes adaptable for further processing and convenient for human perception. Aggregation is widely used in economics, statistics, management, planning, system analysis, and many other fields. That is why aggregation is so important in data pro cessing. Aggregation of preferences is a particular case of the general problem of ag gregation. It arises in multicriteria decision-making and collective choice, when a set of alternatives has to be ordered with respect to contradicting criteria, or various individual opinions. However, in spite of apparent similarity the problems of multicriteria decision-making and collective choice are somewhat different. Indeed, an improvement in some specifications at the cost of worsen ing others is not the same as the satisfaction of interests of some individuals to the prejudice of the rest. In the former case the reciprocal compensations are considered within a certain entirety; in the latter we infringe upon the rights of independent individuals. Moreover, in multicriteria decision-making one usu ally takes into account objective factors, whereas in collective choice one has to compare subjective opinions which cannot be measured properly.

Aggregation Functions

Aggregation Functions PDF

Author: Michel Grabisch

Publisher: Cambridge University Press

Published: 2009-07-09

Total Pages: 481

ISBN-13: 0521519268

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A rigorous and self-contained exposition of aggregation functions and their properties.

Aggregation

Aggregation PDF

Author: Franklin M. Fisher

Publisher:

Published: 1992

Total Pages: 310

ISBN-13:

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This work deals with the question of the conditions for the existence of aggregate production functions (the heart of macroeconomics). It examines the conditions for approximate aggregation and through simulation experiments, considers why aggregate production functions appear to work.

Aggregation and the Microfoundations of Dynamic Macroeconomics

Aggregation and the Microfoundations of Dynamic Macroeconomics PDF

Author: Mario Forni

Publisher: Oxford University Press

Published: 1997

Total Pages: 264

ISBN-13: 9780198288008

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Through careful methodological analysis, this book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. In Part I, the authors test and reject the homogeneity assumption using disaggregate data. In Part II, they demonstrate that apart from random flukes, cointegration unidirectional Granger causality and restrictions on parameters do not survive aggregation when heterogeneity is introduced. They conclude that the claim that modern macroeconomics has solid microfoundations is unwarranted. However, some important theory-based models that do not fit aggregate data well in their representative-agent version can be reconciled with aggregate data by introducing heterogeneity.

Aggregation in Economic Analysis

Aggregation in Economic Analysis PDF

Author: H. A. John Green

Publisher:

Published: 2019-03-25

Total Pages:

ISBN-13: 9780691041001

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Professor Green discusses the definition of consistent aggregation and the problem of grouping variables in a single equation; he deals with the aggregation of equations and the probable errors; and summarizes, with reference to the text, the considerations involved in selecting an appropriate form of aggregation. The author's survey presents a well-balanced overview and analysis of aggregation, and makes readily accessible for the first time much material otherwise difficult to obtain. Originally published in 1964. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

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