#9 - Who Does the Representative Agent Really Represent?

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Deeponomics

Deeponomics

17 episodes

1 week ago

Deeponomics is a podcast about the deep ideas shaping markets, finance, and accounting — grounded in academic research and critical thinking. Each episode draws from scholarly work to explore how investors make decisions, how narratives influence investments, and how theory connects to real-world finance. Expect conversations with researchers, deep dives into academic papers, and reflections on the stories behind the numbers.

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Deeponomics is a podcast about the deep ideas shaping markets, finance, and accounting — grounded in academic research and critical thinking. Each episode draws from scholarly work to explore how investors make decisions, how narratives influence investments, and how theory connects to real-world finance. Expect conversations with researchers, deep dives into academic papers, and reflections on the stories behind the numbers.

Show more...

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#9 - Who Does the Representative Agent Really Represent?

Deeponomics

12 minutes 51 seconds

4 months ago

#9 - Who Does the Representative Agent Really Represent?

Welcome, friend and future deep-dweller!

This is the seventh monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

In this episode, we ask: Who does the Representative Agent really represent? We explore the simplification at the heart of many economic models—a single fictional individual standing in for millions. Why is this figure so dominant, and what do we lose when we model economies this way?

References:

Arrow, K.J., 1986. Rationality of self and others in an economic system. Journal of Business, 59(4), pp.S385–S399.

Brock, W.A. and Durlauf, S.N., 2001. Discrete choice with social interactions. Review of Economic Studies, 68(2), pp.235–260.

Kirman, A.P., 1992. Whom or what does the representative individual represent? Journal of Economic Perspectives, 6(2), pp.117–136.

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