Microeconomic foundations of representative agent models by means of ultraproducts

Arbeitspapier

This paper builds on a recent proposal for microeconomic foundations for "representative agents". Herzberg [Journal of Mathematical Economics, vol. 46, no. 6, 1115-1124 (2010)] constructed a representative utility function for infinite-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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Center for Mathematical Economics Working Papers ; No. 514

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Social Choice; Clubs; Committees; Associations
• Thema: microfoundation ; representative agent ; social choice ; reflexive Banach space ; convex optimisation ; ultrafilter ; bounded ultrapower ; nonstandard analysis

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bedrosian, Geghard ; Herzberg, Frederik
• Ereignis: Veröffentlichung
• (wer): Bielefeld University, Center for Mathematical Economics (IMW)
• (wo): Bielefeld
• (wann): 2014

Weitere Informationen

• DOI: doi:10.2139/ssrn.2466068
• Handle: http://hdl.handle.net/10419/103929
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ