Aggregation by Industry in High-Dimensional Models

Peter J Lloyd

Review of International Economics, 1994, vol. 2, issue 2, 97-111

Abstract: Models of trading economies have become very large in dimensions and complex in structure. Conditions which are sufficient for aggregation in production and/or consumption are derived. They require the existence of linearly homogeneous indices of production and/or consumption in the industries or sufficient similarity among agents. These methods are applied to the Armington model and to a group of models in which the commodities in an industry are defined on a continuum. The results are applied to the method of constructing general-equilibrium models with many commodities, tests of comparative advantage, and the measurement of effective protection in multicommodity industries. Copyright 1994 by Blackwell Publishing Ltd.

Date: 1994
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