The geometry of consumer preference aggregation

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Tác giả: Fedor Sandomirskiy, Philip Ushchev

Ngôn ngữ: eng

Ký hiệu phân loại: 640.7 Education, research, related topics; evaluation and purchasing guides

Thông tin xuất bản: 2024

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ID: 202631

We revisit a classical question of how individual consumer preferences and incomes shape aggregate behavior. We develop a method that applies to populations with homothetic preferences and reduces the hard problem of aggregation to simply computing a weighted average in the space of logarithmic expenditure functions. We apply the method to identify aggregation-invariant preference domains, characterize aggregate preferences from common domains like linear or Leontief, and describe indecomposable preferences that do not correspond to the aggregate behavior of any non-trivial population. Applications include robust welfare analysis, information design, discrete choice models, pseudo-market mechanisms, and preference identification.
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