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
Band
514
Seite(n)
13
ISSN
0931-6558
Page URI
https://pub.uni-bielefeld.de/record/2901601

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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, 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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2019-09-06T09:18:36Z
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