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EnglishThe assumption that production in an economic system may be described by an aggregate neoclassical production function is at the heart of most modern equilibrium neoclassical business cycles and growth models. Its validity requires stringent assumptions on individual production functions and market structure. In this paper, the likelihood that an aggregate neoclassical production function could emerge from a simple heterogeneous production system is assessed by the use of computer simulations. The conclusion is that there exists a world of significant size for which the aggregate neoclassical theory of production does not hold
The 40% Neoclassical Aggregate Theory of Production. Results of a Simulation Investigation / Zambelli, Stefano. - In: CAMBRIDGE JOURNAL OF ECONOMICS. - ISSN 0309-166X. - STAMPA. - 2004:28(2004), pp. 99-120.
| Titolo: | The 40% Neoclassical Aggregate Theory of Production. Results of a Simulation Investigation | |
| Autori: | Zambelli, Stefano | |
| Autori Unitn: | ||
| Titolo del periodico: | CAMBRIDGE JOURNAL OF ECONOMICS | |
| Anno di pubblicazione: | 2004 | |
| Numero e parte del fascicolo: | 28 | |
| Handle: | http://hdl.handle.net/11572/47051 | |
| Citazione: | The 40% Neoclassical Aggregate Theory of Production. Results of a Simulation Investigation / Zambelli, Stefano. - In: CAMBRIDGE JOURNAL OF ECONOMICS. - ISSN 0309-166X. - STAMPA. - 2004:28(2004), pp. 99-120. | |
| Appare nelle tipologie: | 03.1 Articolo su rivista (Journal article) |
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