Detail Aggregation, Heterogeneity, and The Coase Invariance Theorem   Oleh:  Russell, Thomas Jenis: Article from Bulletin/Magazine Dalam koleksi: JAPAN AND THE WORLD ECONOMY vol. 7 no. 1 (1995), page 105-112. Topik: aggregation; aggregation; heterogeneity; coase theorem Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ47.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel It is possible to view the Coase Theorem as an aggregation - invariance result in which average demand depends solely on average endowments so that redistribution of initial endowments across individuals has no effect on the equilibrium of the economy. Hurwicz shows that the conditions on preferences required for this aggregation to hold are extremely stringent. On the other hand, it follows from the work of Marris and Becker that average demand will depend only on average endowments when individual demands are uniformly distributed over budget sets. We speculate that the Coase theorem will hold in an approximate sense if individual demand types are sufficiently diverse, a result consistent with the "statistical” approach to aggregation of Wald, Hicks, Hildenbrand, and in particular Grandmont. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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