Epistemology of Economics: Kirman (1992) Representative Individual
Next session we will discuss a paper by Alan Kirman (1992). The author analyses the epistemological shortcomings of representative agents for macroeconomic analysis. Kirman (1992) argues that *" well-behaved individuals need not produce a well-behaved representative agent; that the reaction of a representative agent to change need not reflect how the individuals of the economy …
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