Aggregation under complete markets

Research output: Contribution to journalArticle

2 Citations (Scopus)

Abstract

This paper proves a complete market aggregation result for a multiple good economy in which the consumers have time-additive, von Neumann-Morgenstern utility functions. This result applies to all concave intraperiod functions, and provides a contrast to many of the results in the microeconomics literature which depend on such stringent assumptions as linear Engel curves.

Original languageEnglish
Pages (from-to)977-986
Number of pages10
JournalReview of Economic Dynamics
Volume6
Issue number4
DOIs
Publication statusPublished - 2003 Oct
Externally publishedYes

Keywords

  • Aggregate demand function
  • Complete markets

ASJC Scopus subject areas

  • Economics and Econometrics

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