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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).
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 ...
The heterogeneity variance is commonly denoted by τ², or the standard deviation (its square root) by τ. Heterogeneity is probably most readily interpretable in terms of τ, as this is the heterogeneity distribution's scale parameter, which is measured in the same units as the overall effect itself. [18]
Such models assist in controlling for omitted variable bias due to unobserved heterogeneity when this heterogeneity is constant over time. This heterogeneity can be removed from the data through differencing, for example by subtracting the group-level average over time, or by taking a first difference which will remove any time invariant components of the model.
External validity is the validity of applying the conclusions of a scientific study outside the context of that study. [1] In other words, it is the extent to which the results of a study can generalize or transport to other situations, people, stimuli, and times.
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.