Approximate aggregation of excess demand functions

DOI10.1016/0022-0531(88)90279-7MaRDI QIDQ1104227zbMATH OpenOpenAlexFDO

Authors Arnis Vilks

Publication date 1988

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0022-0531(88)90279-7

zbMATH Keywords

approximate aggregationWalrasian market excess demand functions

Mathematics Subject Classification ID

Applications of statistics to economics (62P20) Statistical methods; economic indices and measures (91B82)

Review text

As consistent aggregation is hardly ever possible, some kind of ``approximate aggregation seems to be required. In this paper an approximate aggregation procedure is defined within the framework of Walrasian market excess demand functions, and it is shown that with this concept certain basic properties will be inherited by the approximate macromodel. Indeed, gross substitutability is implied for the macromodel by a much weaker property of the underlying microsystem. Thus, the disadvantage of having only an approximate macromodel is partly compensated by the fact that certain ``anomalies of the micromodel are ``smoothed away.

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Cites work

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Cited in

(5)

• Approximate separability and aggregation
• The aggregated excess demand function and other aggregation procedures
• scientific article; zbMATH DE number 4137468 (Why is no real title available?)
• scientific article; zbMATH DE number 4147804 (Why is no real title available?)
• Local aggregation in a dynamic setting

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