Can a Representative Agent Model Represent a Heterogeneous Agent Economy
Can a Representative Agent Model Represent a Heterogeneous Agent Economy
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代表性代理模型能否代表异构代理经济
DOI：
10.1257/mac.1.2.29
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发表时间：
2009
期刊：
影响因子：
--
通讯作者：
S. B. Kim
中科院分区：
文献类型：
--
作者：
S. An;Yongsung Chang;S. B. Kim
使用代表性家庭的最优性条件来解释总就业、消费和真实的工资中观察到的波动，需要与经济先验不相容的偏好。为了使理论与数据相一致，我们构建了一个具有异质代理的模型，由于资本市场的不完整性和劳动力供应的不可分割性，这些代理的决策很难汇总。如果我们要用一个替代家庭的决策来解释模型生成的总时间序列，那么这样的家庭必须具有非凹或不稳定的效用，这在美国的总数据中经常发现。(JEL E13、E24）
Accounting for observed fluctuations in aggregate employment, consumption, and real wage using the optimality conditions of a representative household requires preferences that are incompatible with economic priors. In order to reconcile theory with data, we construct a model with heterogeneous agents whose decisions are difficult to aggregate because of incomplete capital markets and the indivisible nature of labor supply. If we were to explain the model-generated aggregate time series using decisions of a stand-in household, such a household must have a nonconcave or unstable utility as is often found with the aggregate US data. (JEL E13, E24)