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Author: Pierre-André Chiappori Publisher: Now Publishers Inc ISBN: 1601982887 Category : Efficient market theory Languages : en Pages : 165
Book Description
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.
Author: Pierre-André Chiappori Publisher: Now Publishers Inc ISBN: 1601982887 Category : Efficient market theory Languages : en Pages : 165
Book Description
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.
Author: H.A. John Green Publisher: Princeton University Press ISBN: 1400876664 Category : Business & Economics Languages : en Pages : 140
Book Description
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.
Author: Ekkehart Schlicht Publisher: Springer Science & Business Media ISBN: 3642702988 Category : Business & Economics Languages : en Pages : 119
Book Description
In order to solve a given problem, economic analysis is com pelled to concentrate on the interaction of selected factors while disregarding a multitude of other influences. This book offers a discussion of certain central premises involved here and draws some analytical consequences. The argument is fo cused on process analysis, i.e., on the analysis of economic processes within a given institutional setting, although certain corollaries for institutional analysis are patent. Many colleagues and students have helped me, for many years, to develop the views presented here, and it seems im possible to trace individual influences. Thus I can only ex press my indebtedness in a macro sense. I wish to thank the Westdeutscher Verlag for its kind per mission to use material from my Grundlagen der okonomi schen Analyse. The results of Chap. 4 were presented at the Econometric Society European Meeting in Pisa, 1983. Dr. W.A. MUller from Springer-Verlag has encouraged me to write this book and has been helpful in many ways.
Author: Source Wikipedia Publisher: University-Press.org ISBN: 9781230577326 Category : Languages : en Pages : 112
Book Description
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 44. Chapters: Agent-based computational economics, Aggregation problem, Brander-Spencer model, Comparative statics, Confrontation analysis, Convexity in economics, DNSS point, Elasticity of a function, Foundations of Economic Analysis, Game theory, Historical simulation, Isoelastic function, Kakutani fixed-point theorem, Maximum theorem, Non-convexity (economics), Perfect competition, Qualitative economics, Recursive economics, Sethi model, Shadow price, Shapley-Folkman lemma, Social Choice and Individual Values, St. Petersburg paradox, Topkis's theorem, Transportation theory (mathematics).
Author: Mario Forni Publisher: Oxford University Press ISBN: 9780198288008 Category : Business & Economics Languages : en Pages : 264
Book Description
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.
Author: H. A. John Green Publisher: ISBN: 9780691041001 Category : Languages : en Pages :
Book Description
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.
Author: Davide Kantarcioglu Publisher: Springer Nature ISBN: 3031015681 Category : Computers Languages : en Pages : 133
Book Description
Judgment aggregation is a mathematical theory of collective decision-making. It concerns the methods whereby individual opinions about logically interconnected issues of interest can, or cannot, be aggregated into one collective stance. Aggregation problems have traditionally been of interest for disciplines like economics and the political sciences, as well as philosophy, where judgment aggregation itself originates from, but have recently captured the attention of disciplines like computer science, artificial intelligence and multi-agent systems. Judgment aggregation has emerged in the last decade as a unifying paradigm for the formalization and understanding of aggregation problems. Still, no comprehensive presentation of the theory is available to date. This Synthesis Lecture aims at filling this gap presenting the key motivations, results, abstractions and techniques underpinning it. Table of Contents: Preface / Acknowledgments / Logic Meets Social Choice Theory / Basic Concepts / Impossibility / Coping with Impossibility / Manipulability / Aggregation Rules / Deliberation / Bibliography / Authors' Biographies / Index
Author: Fuad T. Aleskerov Publisher: Springer Science & Business Media ISBN: 9780792384519 Category : Business & Economics Languages : en Pages : 260
Book Description
Aggregation of individual opinions into a social decision is a problem widely observed in everyday life. For centuries people tried to invent the `best' aggregation rule. In 1951 young American scientist and future Nobel Prize winner Kenneth Arrow formulated the problem in an axiomatic way, i.e., he specified a set of axioms which every reasonable aggregation rule has to satisfy, and obtained that these axioms are inconsistent. This result, often called Arrow's Paradox or General Impossibility Theorem, had become a cornerstone of social choice theory. The main condition used by Arrow was his famous Independence of Irrelevant Alternatives. This very condition pre-defines the `local' treatment of the alternatives (or pairs of alternatives, or sets of alternatives, etc.) in aggregation procedures. Remaining within the framework of the axiomatic approach and based on the consideration of local rules, Arrovian Aggregation Models investigates three formulations of the aggregation problem according to the form in which the individual opinions about the alternatives are defined, as well as to the form of desired social decision. In other words, we study three aggregation models. What is common between them is that in all models some analogue of the Independence of Irrelevant Alternatives condition is used, which is why we call these models Arrovian aggregation models. Chapter 1 presents a general description of the problem of axiomatic synthesis of local rules, and introduces problem formulations for various versions of formalization of individual opinions and collective decision. Chapter 2 formalizes precisely the notion of `rationality' of individual opinions and social decision. Chapter 3 deals with the aggregation model for the case of individual opinions and social decisions formalized as binary relations. Chapter 4 deals with Functional Aggregation Rules which transform into a social choice function individual opinions defined as choice functions. Chapter 5 considers another model – Social Choice Correspondences when the individual opinions are formalized as binary relations, and the collective decision is looked for as a choice function. Several new classes of rules are introduced and analyzed.
Author: Pierre-André Chiappori
Author: Pierre-André Chiappori
Author: H.A. John Green
Author: Ekkehart Schlicht
Author: Source Wikipedia
Author: Michel Grabisch
Author: Mario Forni
Author: Walter Dummer Fisher
Author: H. A. John Green
Author: Davide Kantarcioglu
Author: Fuad T. Aleskerov