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- Title
Consumer Preferences, Linear Demand Functions and Aggregation in Competitive Asset Markets.
- Authors
Milne, Frank
- Abstract
The paper has been divided into six sections; Section 1 surveys additive utility functions with linear Engel curves; Section 2 summarizes the Gorman, representative-consumer theorem; Section 3 translates the theorems of the previous sections into the Arrow-Debreu complete market model and obtains particular cases for the more general results; Section 4 considers a two period incomplete market model and the aggregation theorem; Section 5 extends the analysis to many periods; and Section 6 provides some general concluding comments.
- Subjects
ECONOMICS; MARKETS; COMMERCE; CONSUMER preferences; CONSUMER behavior; ECONOMIC demand; SECURITIES; UTILITY functions; ECONOMETRIC models; MATHEMATICAL economics
- Publication
Review of Economic Studies, 1979, Vol 46, Issue 3, p407
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2297010