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On the performance of the representative agent during out-of-equilibrium dynamics

Author

Listed:
  • Zakaria Babutsidze

    (OFCE, Sciences Po & SKEMA Business School)

Abstract

This note contributes to the discussion about the representative agent's ability to characterize the collection of agents. We perform two exercises in context of a fairly general environment and show that even if the representative agent is powerful enough to describe the society in equilibrium, she might fail in describing the out-of-equilibrium dynamics of the system. It is established that this feature is not specific to the systems with or without interacting agents.

Suggested Citation

  • Zakaria Babutsidze, 2011. "On the performance of the representative agent during out-of-equilibrium dynamics," Economics Bulletin, AccessEcon, vol. 31(1), pages 874-882.
    • Handle: RePEc:ebl:ecbull:eb-10-00631
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    Keywords

    Representative agent; heterogeneity; interaction; out-of-equilibrium dynamics;
    All these keywords.

    JEL classification:

    • D0 - Microeconomics - - General

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