Price Aggregation When Price-Taking Firms' Prices Vary
指出,在价格接受环境下存在异质性价格时,构建加总价格指数对函数形式有严格限制,且这些形式与标准微观理论不一致。
In many cases, heterogeneous prices occur in price-taking environments. In empirical work, an aggregate price index is often created from such prices and used to explain aggregate supply and derived demands. We show that consistent aggregation places strong restrictions on functional forms which may be used to describe behaviour. Unlike the case of aggregation of consumer income (but similar to the case of aggregation of wages), these functional forms are inconsistent with standard microtheory.