Zimper, Alexander2023-05-192023-05-192023-06Zimper, A. (2023) Belief aggregation for representative agent models. International Journal of Economic Theory, 19, 309–342. https://doi.org/10.1111/ijet.12345.1742-7355 (print)1742-7363 (online)10.1111/ijet.12345http://hdl.handle.net/2263/90749Representative agent models pin down equilibrium asset prices of an underlying heterogeneous agents economy through the utility maximization problem of a representative agent evaluated at aggregate endowment levels. This paper considers a complete markets asset exchange economy in which all economic agents are expected utility maximizers who share the same risk preferences but may have heterogeneous endowments and beliefs. For arbitrary well-behaved Bernoulli utility functions we derive belief aggregation formulas that characterize the beliefs of an expected utility maximizing representative agent.en© 2022 International Association for Economic Theory. This is the pre-peer reviewed version of the following article : Belief aggregation for representative agent models. International Journal of Economic Theory, 19, 309–342. https://doi.org/10.1111/ijet.12345. The definite version is available at : https://wileyonlinelibrary.com/journal/ijet.Arrow–Debreu economyHeterogeneous beliefsRepresentative agentPostprint Article