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<p><a href="page.php?w=%3Afr%3AAlan_Kirman">Alan Kirman</a> has argued against the common practice of using a <a href="page.php?w=representative_agent">representative agent</a> as micro-foundation for <a href="page.php?w=macroeconomic_model">macroeconomic model</a>s. First, he suggests that there's a conviction that the model of an individual as a constrained maximiser is adequate. On the basis of the <a href="page.php?w=Sonnenschein-Mantel-Debreu_theorem">Sonnenschein-Mantel-Debreu theorem</a>, he argues that this conviction is mistaken. Second,</p><p>
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