Stochastic Representative Agent

Miguel Ballester and Jose Apesteguia

No 928, Working Papers from Barcelona School of Economics

Abstract: Consider the aggregation of a collection of individual stochastic behaviors that fit a given stochastic choice model. We say that such a model has a representative agent if their aggregate stochastic behaviour also fits the model. We show that the Luce model and several prominent extensions thereof do not have a representative agent. On the positive side, we show that the random utility model and several domain-specific restrictions thereof do have a representative agent.

Keywords: representative agent; stochastic choice. (search for similar items in EconPapers)
JEL-codes: D0 D7 E1 (search for similar items in EconPapers)
Date: 2016-09
New Economics Papers: this item is included in nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Stochastic representatitve agent (2016)
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