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

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  • Zakaria Babutsidze

    (SKEMA Business School - SKEMA Business School, OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

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.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Zakaria Babutsidze, 2011. "On the performance of the representative agent during out-of-equilibrium dynamics," Post-Print halshs-01926966, HAL.
    • Handle: RePEc:hal:journl:halshs-01926966
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    JEL classification:

    • D0 - Microeconomics - - General

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