Can Aggregation across goods be achieved by neglecting the problem? Property inheritance and aggregation bias

Bertrand Koebel

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Abstract: This article studies the problem of composite commodity in two different frameworks. In one case, aggregation across goods is analyzed for elementary goods that satisfy an optimality condition. The unrestricted case is also examined. The notion of an approximate aggregate representation is formalized and shown to be always possible. Can thereby aggregation issues simply be neglected in economic contributions? I show that the standard economic properties of initial functions are not necessarily inherited by the approximate aggregate. The severity of this problem and the size of the aggregation bias across inputs are investigated empirically.

Date: 2002
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Published in International Economic Review, 2002, 43 (1), pp.223-255. ⟨10.1111/1468-2354.t01-1-00010⟩

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Journal Article: Can Aggregation Across Goods be Achieved by Neglecting The Problem? Property Inheritance and Aggregation Bias (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03337394

DOI: 10.1111/1468-2354.t01-1-00010

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