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J. van Daal's Aggregation in Economic Research: From Individual to Macro PDF

By J. van Daal

ISBN-10: 9400963343

ISBN-13: 9789400963344

ISBN-10: 940096336X

ISBN-13: 9789400963368

Our curiosity in difficulties of aggregation originates from approximately seven years in the past once we turned fascinated about learn within the box of utilized microeconomics. To our astonishment an enormous majority of researchers during this region took it with no consideration that their, generally completely derived, micro types might meaningfully be faced with in keeping with capita information. Nany of them didn't even observe - at the least they gave no utterance to it - that utilising macro info in micro versions increases enormous difficulties. those that did point out the trouble, normally belittled its significance. thankfully, there are noteworthy exceptions. considering aggregation increases at the least questions: "Why or why no longer aggregate?" and "How to combination and, specifically, to what degree?" normal solutions to those questions can in basic terms take delivery of in uninformative wording (as many assertions in economics): one aggregates for the sake of tractability, end result of the loss of (individual) info, to prevent or to lessen multicollineartiy, to save lots of levels of freedom; one abstains from aggregation to prevent lack of info, to prevent aggregation biases and one aggregates such and to such measure as to circumvent or lessen the drawbacks pointed out above.

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Extra info for Aggregation in Economic Research: From Individual to Macro Relations

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6. CONSISTENT AGGREGATION. 7. 6). 8. 6). 5); see also Denizot and Levy-Garboua (1972). , Ijiri (1971)). 6) 47 AGGREGATION WITHOUT SIDE CONDITIONS With the term "general" we mean here that there are no conditions imposed on the functions f, g, F and G. 6) has been stated by Ijiri and will be proved below. 8. Because apparently the functions G and f do not play each a separate role (only their compsition Gf does) we have simplified the scheme of figure 1. 6 to a "menage a trois" between X and Wand Y.

6. CONSISTENT AGGREGATION. 7. 6). 8. 6). 5); see also Denizot and Levy-Garboua (1972). , Ijiri (1971)). 6) 47 AGGREGATION WITHOUT SIDE CONDITIONS With the term "general" we mean here that there are no conditions imposed on the functions f, g, F and G. 6) has been stated by Ijiri and will be proved below. 8. Because apparently the functions G and f do not play each a separate role (only their compsition Gf does) we have simplified the scheme of figure 1. 6 to a "menage a trois" between X and Wand Y.

3: inconsistencies are allowed if they lead to useful models. 50 CHAPTER 1 Appendix A to chapter 1: Differences between some aggregates In this appendix we consider the following aggregates: A 1 J J (A. 1) E v. j=1 J (the arithmetic mean), G J .! 3) H(p) (the generalized harmonic mean). Note that A, log G and {H(p)}-P are unweighted averages of Vj' log Vj and v;p respectively. Usually we prefer such means to sums or products because these aggregates have roughly the same order of magnitude as the micro variables on which they are based.

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