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17:00 - 18:30 13 November 2012

Gorman Lectures 2012: Beneath and Beyond Demand And Supply Curves


Cruciform Lecture Theatre 1 | Cruciform Building (link Map)
Gower Street | London | WC1E 6BT | United Kingdom

Open to: Academic | Student
Ticketing: Open

Speaker information

Tom Sargent

The theme of my Gorman lectures will be `beyond and beneath demand and supply curves in dynamic economies'. I will refer to parts of an unpublished monograph Recursive Models of Dynamic Economies written together with Lars Peter Hansen. After describing a general class of models of general economic equilibrium in dynamic and random settings, my lectures will emphasize how ideas of Gorman and Negishi can be extended to think about alternative types of aggregation in dynamic stochastic economies. A first lecture will introduce the notion of canonical household technologies and will then focus on a generalization of Gorman's 1953 paper on aggregation.The lecture will describe the sense in which there exists a representative consumer. My second lecture will describe a weaker sense of aggregation that builds on ideas of Negishi. There is a weaker sense in which there is a representative consumer in that setting.


Department of Economics - Reception
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Gorman Lecture flyer