Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Bücher
Zeitschriften
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
SLX-Digitalkonferenz: Zukunftswerkstatt 2024

Mehr Umsatz mit Top-Kontakten

Am 7. Mai erfahren Sie, wie Vertriebsteams Leadgenerierung, Leadnurturing und Leadstrategien effizient steuern können.
Erweiterte Suche
Anmelden
nach oben
Erschienen in:
Introduction Kapitel lesen Erstes Kapitel lesen

2019 | OriginalPaper | Buchkapitel

8. Aggregation

verfasst von : Thorsten Hens, Sabine Elmiger

Erschienen in: Economic Foundations for Finance

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

In this book, we assume that the entire consumption (production) sector can be represented by a single household (firm). This seems to be an odd assumption given that those sectors consist of millions of heterogeneous agents: each household has different preferences and faces another budget constraint, whereas each firm produces goods in its own way and can be more or less profitable.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren
Vorheriges Kapitel Extension of the Model to Exhaustible Resources
Nächstes Kapitel Conclusion
Fußnoten
1
In our book, we only consider risk arising from uncertainty in capital productivity and technological progress. This type of risk is subject to many financial products. In contrast, uncertainty in the labor supply might not be tradeable because of moral hazard problems. Insuring against a decrease in labor supply (e.g., through unemployment insurance) may not be optimal for society because this could reduce the incentive to work.
 
2
Prices are normalized to one, and we suppress the subscript z 0. In addition, we use that dividends equal profits in equilibrium.
 
3
Since we only want to argue that Pareto-efficiency can be used to aggregate the consumers into one representative consumer, we fix the production decision at the equilibrium values.
 
4
As in earlier chapters we drop the subscript z t and normalize prices to one in order to shorten notation.
 
5
Note that the weights depend on the realized state prices. Therefore the aggregate utility function depends on the realization of past states \(U_t(\cdot )=U_{t,z^{t-1}}(\cdot )\).
 
6
The envelope theorem is explained in Sect. A.11>.
 
7
For an explanation of the envelope theorem see Sect. A.11.
 
8
The conditions on individual biases can be weakened. It suffices for example if the correlations are non-positive.
 
9
This is true since the positively weighted sum of concave functions is concave.
 
10
See e.g. Hens and Reichlin (2013) for this point. Moreover, the time preference of the aggregated individuals is typically no simple arithmetic averages of the individual time preferences (see e.g. Lengwiler 2005 and Gollier and Zeckhauser 2005).
 
11
For a review on the equity premium puzzle see Mehra (2006).
 
Literatur
Constantinides, G. M. (1982). Intertemporal asset pricing with heterogeneous consumers and without demand aggregation. The Journal of Business, 55 (2), 253–267.CrossRef
Gollier, C., & Zeckhauser, R. (2005). Aggregation of heterogeneous time preferences. Journal of Political Economy, 113 (4), 878–896.CrossRef
Hens, T., & Reichlin, C. (2013). Three solutions to the pricing kernel puzzle. Review of Finance, 17 (3), 1065–1098.CrossRef
Hens, T., & Rieger, M. O. (2010). Financial economics: A consice introduction to classical and behavioral finance. Heidelberg: Springer.CrossRef
Hicks, J. R. (1956). A revision of demand theory. Oxford: Clarendon Press.
Lengwiler, Y. (2005). Heterogenous patience and the term structure of real interest rates. The American Economic Review, 95 (3), 890–896.CrossRef
Magill, M., & Quinzii, M. (1996). Theory of incomplete markets. Cambridge: MIT Press.
Mehra, R. (2006). The equity premium puzzle: A review. Foundations and Trends ® in Finance, 2 (1), 1–81.
Negishi, T. (1960). Welfare economics and existence of an equilibrium for a competitive economy. Metroeconomica, 12 (2–3), 92–97.CrossRef
Metadaten
Titel
Aggregation
verfasst von
Thorsten Hens
Sabine Elmiger
Copyright-Jahr
2019
Buch
Economic Foundations for Finance

Print ISBN: 978-3-030-05425-0

Electronic ISBN: 978-3-030-05427-4

Copyright-Jahr: 2019

DOI
https://doi.org/10.1007/978-3-030-05427-4_8