Artikel
Gorman revisited: Nonparametric conditions for exact linear aggregation
In the tradition of Afriat (Int Econ Rev 8:67-77, 1967), Diewert (Rev Econ Stud 40:419-425, 1973) and Varian (Econometrica 50:945-972, 1982), we provide a revealed preference characterisation of exact linear aggregation. This guarantees that aggregate demand can be written as a function of prices and aggregate income alone, while abstracting from income-distributional aspects. We also establish nonparametric conditions for individual consumption to be representable in terms of Gorman Polar Form preferences. Our results are simple and complement those of Gorman (1953, 1961). We illustrate the practical usefulness of our results by means of an empirical application to a Spanish balanced microdata panel. We find strong evidence against the existence of a limited set of representative agents, which in turn seems to empirically support the need for (macroeconomic) models using a continuum of heterogeneous agents.
- Sprache
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Englisch
- Erschienen in
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Journal: SERIEs - Journal of the Spanish Economic Association ; ISSN: 1869-4195 ; Volume: 7 ; Year: 2016 ; Issue: 2 ; Pages: 203-220 ; Heidelberg: Springer
- Klassifikation
-
Wirtschaft
Semiparametric and Nonparametric Methods: General
Consumer Economics: Theory
Consumer Economics: Empirical Analysis
Macroeconomics: Consumption; Saving; Wealth
- Thema
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Aggregation
Revealed preference
Gorman Polar Form preferences
Representative agent
- Ereignis
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Geistige Schöpfung
- (wer)
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Cherchye, Laurens
Crawford, Ian
De Rock, Bram
Vermeulen, Frederic
- Ereignis
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Veröffentlichung
- (wer)
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Springer
- (wo)
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Heidelberg
- (wann)
-
2016
- DOI
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doi:10.1007/s13209-016-0140-y
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Cherchye, Laurens
- Crawford, Ian
- De Rock, Bram
- Vermeulen, Frederic
- Springer
Entstanden
- 2016
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