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Aggregate Behaviour

In: Behavioural Foundations of Economics

Author

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  • J. L. Baxter

    (Sheffield University Management School)

Abstract

In economics it is maintained that there is no difficulty, in principle, in aggregating across individuals or across firms: the combined demand curve for two (or more) individuals is simply the sum of the two individual demand curves; similarly for two or more firms. Not all economists feel entirely happy about such procedures — even if they believe that such a thing as a smooth, continuous demand curve exists — since many do recognise that individuals acting independently of each other need not behave in exactly the same way as individuals acting jointly, as a group. I stressed in earlier chapters that people in groups influence each other; and there may be a variety of decision-making units within the groups. Moreover, the responsibilities of the decision-making units in a group may change over time — over the family life cycle, for example.

Suggested Citation

  • J. L. Baxter, 1993. "Aggregate Behaviour," Palgrave Macmillan Books, in: Behavioural Foundations of Economics, chapter 12, pages 213-236, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22627-6_12
    DOI: 10.1007/978-1-349-22627-6_12
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