A Representative Trader Economy

Chapter Chapter 14 in Continuous-Time Asset Pricing Theory, 2021, pp 283-316 from Springer

Abstract: Abstract To characterize the equilibrium and to facilitate existence proofs, we introduce the notion of a representative trader. A representative trader is a hypothetical individual whose trades, in a sense to be made precise below, reflect the aggregate trades of all individuals in the economy. A representative trader is defined by her beliefs, utility function, and endowments, which are constructed by aggregating the beliefs, utility functions, and endowments of all the traders in the economy.

Date: 2021
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DOI: 10.1007/978-3-030-74410-6_14

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