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Aggregation under Complete Markets

Author

Listed:
  • Masao Ogaki

    (Ohio State University)

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 (Copyright: Elsevier)

Suggested Citation

  • 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.
    • Handle: RePEc:red:issued:v:6:y:2003:i:4:p:977-986
    DOI: 10.1016/S1094-2025(03)00037-1
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    3. Sun, Lian-Ju & Gao, Zi-You, 2007. "An equilibrium model for urban transit assignment based on game theory," European Journal of Operational Research, Elsevier, vol. 181(1), pages 305-314, August.
    4. 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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    More about this item

    Keywords

    Aggregate demand function; Complete markets;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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