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We analyze under which conditions a given vector field can be disaggregated as a linear combination of gradients. This problem is typical of aggregation theory, as illustrated by the literature on the characterization of aggregate market demand and excess demand. We argue that exterior...
Persistent link: https://www.econbiz.de/10005231630
Consider a group consisting of S members facing a common budget constraint p'xi=1: any demand vector belonging to the budget set can be (privately or publicly) consumed by the members. Although the intragroup decision process is not known, it is assumed to generate Pareto-efficient outcomes;...
Persistent link: https://www.econbiz.de/10004998020
Persistent link: https://www.econbiz.de/10005332457