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The Implications of Additive Community Preferences in a Multi-Consumer Economy

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  • Charles Blackorby
  • William Schworm

Abstract

We investigate the consequences of imposing additivity on community preferences. We show that there are important implications of additive community preferences that are not implied by the additivity of a single consumer's preferences. In particular, we show that imposing additivity on community preferences implies the existence of a representative consumer with a utility function in the CES family. We demonstrate the restrictive nature of these implications with three examples. Our interpretation of the results is that single consumer models are unable to adequately represent important features of multi-consumer economies.

Suggested Citation

  • Charles Blackorby & William Schworm, 1993. "The Implications of Additive Community Preferences in a Multi-Consumer Economy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 60(1), pages 209-227.
    • Handle: RePEc:oup:restud:v:60:y:1993:i:1:p:209-227.
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    File URL: http://hdl.handle.net/10.2307/2297819
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    Cited by:

    1. 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).
    2. 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.
    3. Chiuri, Maria Concetta, 2000. "Individual decisions and household demand for consumption and leisure," Research in Economics, Elsevier, vol. 54(3), pages 277-324, September.
    4. 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).

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