| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13397 |
| DP13397 The Non-Existence of Representative Agents | |
| Matthew O. Jackson; Leeat Yariv | |
| 发表日期 | 2018-12-16 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We characterize environments in which there exists a representative agent: an agent who inherits the structure of preferences of the population that she represents. The existence of such a representative agent imposes strong restrictions on individual utility functions, requiring them to be linear in the allocation and additively separable in any parameter that characterizes agents' preferences (e.g., a risk aversion parameter, a discount factor, etc.). Commonly used classes of utility functions (exponentially discounted utility functions, CRRA or CARA utility functions, logarithmic functions, etc.) do not admit a representative agent. |
| 主题 | Industrial Organization ; Macroeconomics and Growth ; Public Economics |
| 关键词 | Representative agents Preference aggregation Revealed preference Collective decisions |
| URL | https://cepr.org/publications/dp13397-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542207 |
| 推荐引用方式 GB/T 7714 | Matthew O. Jackson,Leeat Yariv. DP13397 The Non-Existence of Representative Agents. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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