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Local aggregation in a dynamic setting

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  • Ekkehart Schlicht

Abstract

Although it is not possible, in general, to give a macro description of a micro model over the entire state space of the micro model, it is possible to aggregate exactly over a subspace. The set of micro states where aggregation is possible forms the aggregation set. The paper considers the local (linear) case. The macro model is chosen such that it gives rise to an aggregation set which is approached by the micro movements as fast as possible. The inferred macro model describes trajectories of the aggregate quantities towards which the "true" trajectories of these quantities, as generated by the micro model, are tending.
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Suggested Citation

  • Ekkehart Schlicht, 1990. "Local aggregation in a dynamic setting," Journal of Economics, Springer, vol. 51(3), pages 287-305, October.
    • Handle: RePEc:kap:jeczfn:v:51:y:1990:i:3:p:287-305
    DOI: 10.1007/BF01227426
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    References listed on IDEAS

    as
    1. Schlicht, Ekkehart, 1985. "The Local Aggregation Problem," Darmstadt Discussion Papers in Economics 36, Darmstadt University of Technology, Department of Law and Economics.
    2. Stiglitz, Joseph E, 1969. "Distribution of Income and Wealth among Individuals," Econometrica, Econometric Society, vol. 37(3), pages 382-397, July.
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    Cited by:

    1. Schlicht, Ekkehart, . "Grundlagen der ökonomischen Analyse," Monographs in Economics, University of Munich, Department of Economics, number 25821, November.
    2. Schlicht, Ekkehart, 1997. "The moving equilibrium theorem again," Economic Modelling, Elsevier, vol. 14(2), pages 271-278, April.
    3. Wagner Adolf, 2004. "Statistische Adäquation bei Fortentwicklung der makrökonomischen Wirtschaftstheorie / Statistical Adequacy and the Evolution of Macroeconomic Theory," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 224(5), pages 612-625, October.
    4. Krysiak, Frank C. & Krysiak, Daniela, 2002. "Aggregation of Dynamic Systems and the Existence of a Regeneration Function," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 517-539, November.

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    More about this item

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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