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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.
The complementary notion is called heteroscedasticity, also known as heterogeneity of variance. The spellings homoskedasticity and heteroskedasticity are also frequently used. “Skedasticity” comes from the Ancient Greek word “skedánnymi”, meaning “to scatter”.
The definition appears in the Essay by Robbins as: Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [26] After contention in the 1930s, this definition reached some general acceptance among economists. The book has six chapters, and the second half remains ...
Homogeneity and heterogeneity; only ' b ' is homogeneous Homogeneity and heterogeneity are concepts relating to the uniformity of a substance, process or image.A homogeneous feature is uniform in composition or character (i.e., color, shape, size, weight, height, distribution, texture, language, income, disease, temperature, radioactivity, architectural design, etc.); one that is heterogeneous ...
An economic variable can be exogenous in some models and endogenous in others. In particular this can happen when one model also serves as a component of a broader model.
The aggregation problem is the problem of finding a valid way to treat an empirical or theoretical aggregate as if it reacted like a less-aggregated measure, say, about behavior of an individual agent as described in general microeconomic theory [1] (see representative agent and heterogeneity in economics).
CORE Econ's authors claim that popular textbooks such as Principles of Economics by Greg Mankiw are little different in content to the first modern text book, Economics by Paul Samuelson, which was published in 1948, [20] meaning that these textbooks have ignored many of the innovations in economics since then:
Bertil Ohlin first explained the theory in a book published in 1933. Ohlin wrote the book alone, but he credited Heckscher as co-developer of the model because of his earlier work on the problem, and because many of the ideas in the final model came from Ohlin's doctoral thesis, supervised by Heckscher.