TY - JOUR
T1 - Aggregation under complete markets
AU - Ogaki, Masao
PY - 2003/10
Y1 - 2003/10
N2 - 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.
AB - 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.
KW - Aggregate demand function
KW - Complete markets
UR - http://www.scopus.com/inward/record.url?scp=0242676951&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=0242676951&partnerID=8YFLogxK
U2 - 10.1016/S1094-2025(03)00037-1
DO - 10.1016/S1094-2025(03)00037-1
M3 - Article
AN - SCOPUS:0242676951
VL - 6
SP - 977
EP - 986
JO - Review of Economic Dynamics
JF - Review of Economic Dynamics
SN - 1094-2025
IS - 4
ER -