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Microeconomic foundations of representative agent models by means of ultraproducts

Geghard Bedrosian and Frederik Herzberg

No 514, Center for Mathematical Economics Working Papers from Center for Mathematical Economics, Bielefeld University

Abstract: This paper applies microeconomic foundations to construct a \representative agent". Herzberg [12] constructed a representative utility function for finite-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.

Keywords: Microfoundation; representative agent; social choice; reflexive Banach space; convex optimisation; ultrafilter; bounded ultrapower; nonstandard analysis (search for similar items in EconPapers)
Pages: 13
Date: 2016-03-14
New Economics Papers: this item is included in nep-mic, nep-ore and nep-upt
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https://pub.uni-bielefeld.de/download/2901601/2902031 First Version, 2014 (application/x-download)

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Persistent link: https://EconPapers.repec.org/RePEc:bie:wpaper:514

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