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Aggregation, learning and rationality

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  • Grandmont, Jean-michel

Abstract

The assumption that individual economic units behave ‘rationally’ is widely used in many areas of economic theorizing, be it in microeconomics or macroeconomics. The purpose of this chapter is to review briefly a few recent studies that tend to challenge two aspects of this assumption.
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Suggested Citation

  • Grandmont, Jean-michel, 1992. "Aggregation, learning and rationality," CEPREMAP Working Papers (Couverture Orange) 9214, CEPREMAP.
    • Handle: RePEc:cpm:cepmap:9214
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    File URL: http://www.cepremap.fr/depot/couv_orange/co9214.pdf
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    References listed on IDEAS

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    1. Jerison, Michael, 1997. "Nonrepresentative representative consumers," UC3M Working papers. Economics 4137, Universidad Carlos III de Madrid. Departamento de Economía.
    2. Hommes, Cars H., 1991. "Adaptive learning and roads to chaos : The case of the cobweb," Economics Letters, Elsevier, vol. 36(2), pages 127-132, June.
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    5. Jerison, Michael, 1984. "Aggregation and pairwise aggregation of demand when the distribution of income is fixed," Journal of Economic Theory, Elsevier, vol. 33(1), pages 1-31, June.
    6. Grandmont, Jean-Michel, 1992. "Transformations of the commodity space, behavioral heterogeneity, and the aggregation problem," Journal of Economic Theory, Elsevier, vol. 57(1), pages 1-35.
    7. Hardle, Wolfgang & Hildenbrand, Werner & Jerison, Michael, 1991. "Empirical Evidence on the Law of Demand," Econometrica, Econometric Society, vol. 59(6), pages 1525-1549, November.
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    10. Hildegard DIERKER, 1989. "Existence of Nash Equilibrium in Pure Strategies in an Oligopoly With Price Setting Firms," Vienna Economics Papers vie8902, University of Vienna, Department of Economics.
    11. Dierker, Egbert & Dierker, Hildegard & Trockel, Walter, 1984. "Price-dispersed preferences and C1 mean demand," Journal of Mathematical Economics, Elsevier, vol. 13(1), pages 11-42, April.
    12. Benassy, Jean-Pascal & Blad, Michael C., 1989. "On learning and rational expectations in an overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 13(3), pages 379-400, July.
    13. Freixas, Xavier & Mas-Colell, Andreu, 1987. "Engel Curves Leading to the Weak Axiom in the Aggregate," Econometrica, Econometric Society, vol. 55(3), pages 515-531, May.
    14. Hildenbrand, Werner, 1983. "On the "Law of Demand."," Econometrica, Econometric Society, vol. 51(4), pages 997-1019, July.
    15. Jorgenson, Dale W & Slesnick, Daniel T, 1987. "Aggregate Consumer Behavior and Household Equivalence Scales," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(2), pages 219-232, April.
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    Cited by:

    1. Martin Chalkley & In Ho Lee, 1998. "Learning and Asymmetric Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(3), pages 623-645, July.
    2. King, Mervyn, 1993. "Debt inflation: theory and evidence," LSE Research Online Documents on Economics 119181, London School of Economics and Political Science, LSE Library.

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