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Under this condition, even heterogeneous preferences can be represented by a single aggregate agent simply by summing over individual demand to market demand. However, some questions in economic theory cannot be accurately addressed without considering differences across agents, requiring a heterogeneous agent model.
Competitive heterogeneity is a concept from strategic management that examines why industries do not converge on one best way of doing things. In the view of strategic management scholars, the microeconomics of production and competition combine to predict that industries will be composed of identical firms offering identical products at identical prices.
They relate to the validity of the often convenient assumption that the statistical properties of any one part of an overall dataset are the same as any other part. In meta-analysis, which combines the data from several studies, homogeneity measures the differences or similarities between the several studies (see also Study heterogeneity).
Market definition is an important issue for regulators facing changes in market structure, which needs to be determined. [1] The relationship between buyers and sellers as the main body of the market includes three situations: the relationship between sellers (enterprises and enterprises), the relationship between buyers (enterprises or ...
The resource-based view is interdisciplinary in that it was developed within the disciplines of economics, ethics, law, management, marketing, supply chain management and general business. [10] RBV focuses attention on an organisation's internal resources as a means of organising processes and obtaining a competitive advantage.
Hartley, however, finds these reasons for representative agent modelling unconvincing. Kirman [2] too, is critical of the representative agent approach in economics. Because representative agent models simply ignore valid aggregation concerns, they sometimes commit the so-called fallacy of composition.
The most dangerous cities in America. At the other end of the list, Birmingham, Alabama, ranks as the city with the highest crime cost per capita in the U.S. at $11,392, coupled with a high ...
Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. [1]