Special Seminar at Institute of Mathematics
Hanoi, August 2, 2012
The Departement of Optimization and Control Theory, Institute of Mathematics and Department of Economics, the Water Resources University organizes a special seminar on August 2, 2012.
Speaker: Jean-Michel Grandmont (ICEF, University of Ca’Foscari, Venice and CREST-GRECSTA, PARIS)
Title:DISTRIBUTIONS OF INDIVIDUAL CHARACTERISTICS AND MACROECONOMIC OUTCOMES
Abstract: This lecture is devoted to review a few research avenues in order to resolve some fundamental weaknesses of economic theory, specifically the pervasive impossibility to get well behaved, or even to make definite predictions about, aggregate behavior of socioeconomic systems, when the distribution of individual characteristics, and in particular of the preferences of individual agents, is left arbitrary.
Vector space structures of preferences are considered and it is shown how making assumptions about the shape of the individual preferences distributions enables to get positive, definite conclusions about aggregate behavior in social choice or general equilibrium theory. A few hints about how to make further progress along this promising research program are also suggested.