Macroeconomics without the representative agent: Difficulties and new perspectives

Edoardo Gaffeo

No 68, Working Papers from Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali

Abstract: This paper surveys the most important approaches macroeconomic theory has recently developed in an attempt to overcame the theoretical and empirical fallacies hidden in the representative agent framework. After discussing why the latter has been widely criticized, a rough classification of the new methods is proposed. Accounting for the way each of them treats the distributional features and the way agents interact, it is then possible to distinguish among statistical aggregation, "game theory"-based and "interacting particles"-based coordination models.

Pages: 44
Date: 1995-12
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Persistent link: https://EconPapers.repec.org/RePEc:anc:wpaper:68

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