---
_id: '2901601'
abstract:
- lang: eng
text: "This paper applies microeconomic foundations to construct a\r\n\\representative
agent\". Herzberg [12] constructed a representative\r\nutility function for finite-dimensional
social decision problems and\r\nsince the decision problems of macroeconomic theory
are typically\r\ninfinite-dimensional, Herzberg's original result is insufficient
for many\r\napplications. We therefore generalise his result by allowing the social\r\nalternatives
to belong to a general reflexive Banach space and provide\r\nsufficient conditions
for our new results to be satisfied in economic\r\napplications."
author:
- first_name: Geghard
full_name: Bedrosian, Geghard
id: '36956941'
last_name: Bedrosian
- first_name: Frederik
full_name: Herzberg, Frederik
last_name: Herzberg
citation:
ama: '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.'
angewandte-chemie: G. Bedrosian, and F. Herzberg, *Microeconomic foundations
of representative agent models by means of ultraproducts*, Center For Mathematical
Economics, Bielefeld, **2014**.
apa: '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.'
apa_indent: '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.

'
bio1: '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.'
chicago: '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.

'
default: 'Bedrosian G, Herzberg F (2014) Center for Mathematical Economics Working
Papers; 514.

Bielefeld: Center for Mathematical Economics.'
dgps: 'Bedrosian,
G. & Herzberg, F. (2014). *Microeconomic foundations of representative
agent models by means of ultraproducts* (Center for Mathematical Economics
Working Papers). Bielefeld: Center for Mathematical Economics.

'
frontiers: '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.'
harvard1: '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.'
ieee: ' 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.'
lncs: ' 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).'
mla: '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.'
wels: 'Bedrosian, G.; Herzberg, F. (2014): Microeconomic foundations of representative
agent models by means of ultraproducts. Bielefeld: Center for Mathematical Economics.'
date_created: 2016-03-14T15:08:29Z
date_updated: 2018-07-24T13:00:58Z
ddc:
- '330'
department:
- _id: '10053'
file:
- access_level: open_access
checksum: 36138ca9e8bf6f49538a6de7b2962835
content_type: application/x-download
creator: weingarten
date_created: 2016-03-30T12:34:31Z
date_updated: 2019-09-06T09:18:36Z
file_id: '2902031'
file_name: IMW_working_paper_514.pdf
file_size: '333060'
relation: main_file
file_date_updated: 2019-09-06T09:18:36Z
has_accepted_license: '1'
intvolume: ' 514'
jel:
- D71
keyword:
- Microfoundation
- representative agent
- social choice
- reflexive Banach space
- convex optimisation
- ultrafilter
- bounded ultrapower
- nonstandard analysis
language:
- iso: eng
locked: '1'
oa: 1
page: '13'
place: Bielefeld
publication_identifier:
issn:
- 0931-6558
publication_status: published
publisher: Center for Mathematical Economics
series_title: Center for Mathematical Economics Working Papers
status: public
title: Microeconomic foundations of representative agent models by means of ultraproducts
type: working_paper
urn: urn:nbn:de:0070-pub-29016012
volume: 514
year: '2014'
...