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Excerpt from Empirical Approaches to the Problem, of Aggregation Over Individuals
The presence of these kinds of differences have one strong implication for aggregate economic activity. Namely, it matters how many households are large or small, how many are elderly and young, and how many companies are capital-intensive or labor-intensive. Such heterogeneity of concerns and reactions are an essential feature of the overall welfare impacts of changes in food prices, the overall impacts of interest rates on savings, or the impact of an investment tax credit. It is difficult to conceive of an important question of economic policy that does not have a distributional component, or a differential impact on economic players. It is likewise hard to envision how the impacts of relative price changes or of real income growth could be adequately summarized over time without some attention to the composition of the economy.
Concerns over the issues raised by compositional heterogeneity of data on groups, such as data on economy-wide aggregates over time, are summarized under the heading of the problem of aggregation over individuals. Over the past decade, various approaches have been developed to account for compositional heterogeneity in empirical modeling of aggregate data, and the purpose of this survey is to discuss this work.
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- PublisherForgotten Books
- Publication date2020
- ISBN 10 1332259413
- ISBN 13 9781332259410
- BindingPaperback
- LanguageEnglish
- Number of pages110
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Empirical Approaches to the Problem, of Aggregation Over Individuals
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Paperback. Condition: New. Print on Demand. This book examines the challenges of tracking economic activity over time, particularly as societies change and adopt new technologies and industries. The author argues that the economic reactions of diverse economic players are not necessarily similar and that changes in the composition of economic actors can have significant impacts on aggregate economic activity. The author discusses various empirical approaches that have been developed to account for compositional heterogeneity in empirical modeling of aggregate data and provides a broad overview of different problem areas, including statistical methods of assessing distributional effects, demand analysis, dynamic modeling, and microsimulation. The book underscores how a ârepresentative agentâ is not necessary for incorporating economic restrictions in aggregate data and elucidates how individual level models can differ from aggregate data patterns. By providing a framework for understanding the links between individual and aggregate economic behavior, this book offers valuable insights for those interested in economic modeling, econometrics, and empirical economics. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781332259410_0
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Empirical Approaches to the Problem, of Aggregation Over Individuals (Classic Reprint)
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Condition: Sehr gut. Zustand: Sehr gut - Gepflegter, sauberer Zustand. | Seiten: 112 | Sprache: Englisch | Produktart: Bücher. Seller Inventory # 26076782/2
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