Microeconomic foundations of representative agent models by means of ultraproducts
Bedrosian G, Herzberg F (2014) Center for Mathematical Economics Working Papers; 514.
Bielefeld: Center for Mathematical Economics.
Diskussionspapier
| Veröffentlicht | Englisch
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Autor*in
Bedrosian, GeghardUniBi;
Herzberg, Frederik
Abstract / Bemerkung
This paper applies microeconomic foundations to construct a
\representative agent". Herzberg [12] constructed a representative
utility function for finite-dimensional social decision problems and
since the decision problems of macroeconomic theory are typically
infinite-dimensional, Herzberg's original result is insufficient for many
applications. We therefore generalise his result by allowing the social
alternatives to belong to a general reflexive Banach space and provide
sufficient conditions for our new results to be satisfied in economic
applications.
Stichworte
Microfoundation;
representative agent;
social choice;
reflexive Banach space;
convex optimisation;
ultrafilter;
bounded ultrapower;
nonstandard analysis
Erscheinungsjahr
2014
Serientitel
Center for Mathematical Economics Working Papers
Band
514
Seite(n)
13
ISSN
0931-6558
Page URI
https://pub.uni-bielefeld.de/record/2901601
Zitieren
Bedrosian G, Herzberg F. Microeconomic foundations of representative agent models by means of ultraproducts. Center for Mathematical Economics Working Papers. Vol 514. Bielefeld: Center for Mathematical Economics; 2014.
Bedrosian, G., & Herzberg, F. (2014). Microeconomic foundations of representative agent models by means of ultraproducts (Center for Mathematical Economics Working Papers, 514). Bielefeld: Center for Mathematical Economics.
Bedrosian, Geghard, and Herzberg, Frederik. 2014. Microeconomic foundations of representative agent models by means of ultraproducts. Vol. 514. Center for Mathematical Economics Working Papers. Bielefeld: Center for Mathematical Economics.
Bedrosian, G., and Herzberg, F. (2014). Microeconomic foundations of representative agent models by means of ultraproducts. Center for Mathematical Economics Working Papers, 514, Bielefeld: Center for Mathematical Economics.
Bedrosian, G., & Herzberg, F., 2014. Microeconomic foundations of representative agent models by means of ultraproducts, Center for Mathematical Economics Working Papers, no.514, Bielefeld: Center for Mathematical Economics.
G. Bedrosian and F. Herzberg, Microeconomic foundations of representative agent models by means of ultraproducts, Center for Mathematical Economics Working Papers, vol. 514, Bielefeld: Center for Mathematical Economics, 2014.
Bedrosian, G., Herzberg, F.: Microeconomic foundations of representative agent models by means of ultraproducts. Center for Mathematical Economics Working Papers, 514. Center for Mathematical Economics, Bielefeld (2014).
Bedrosian, Geghard, and Herzberg, Frederik. Microeconomic foundations of representative agent models by means of ultraproducts. Bielefeld: Center for Mathematical Economics, 2014. Center for Mathematical Economics Working Papers. 514.
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