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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Center for Mathematical Economics Working Papers ; No. 514

Classification and Topics

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

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Bedrosian, Geghard ; Herzberg, Frederik
• Event: Veröffentlichung
• (who): Bielefeld University, Center for Mathematical Economics (IMW)
• (where): Bielefeld
• (when): 2014

Further information

• DOI: doi:10.2139/ssrn.2466068
• Handle: http://hdl.handle.net/10419/103929
• Last update: 10.03.2025, 11:43 AM CET