The Implications of Additive Community Preferences in a Multi-consumer Economy
AbstractThe authors investigate the consequences of imposing additivity on community preferences. They show that there are import ant implications of additive community preferences that are not implied. by the additivity of a single consumer's preferences. In particular, th ey show that imposing additivity on community preferences implies the existence of a representative consumer with a utility function in th e constant elasticity of substitution family. The authors demonstrate the restrictive nature of these implications with three examples. Their interpretation of the resul ts is that single-consumer models are unable to adequately represent important features of multiconsumer economies. Copyright 1993 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 60 (1993)
Issue (Month): 1 (January)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
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- Masao Ogaki, 2003. "Aggregation under Complete Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(4), pages 977-986, October.
- Maria Concetta Chiuri, 1999.
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- Lilia Maliar & Serguei Maliar, 2003. "Quasi-Linear Preferences In The Macroeconomy: Indeterminacy, Heterogeneity Andthe Representative Consumer," Working Papers. Serie AD 2003-30, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Lilia Maliar & Serguei Maliar, 2005. "An Analytical Construction Of Constantinides¿ Social Utility Function," Working Papers. Serie AD 2005-25, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
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