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The "representative buyer" assumption can both be taken literally or replicate a Gorman aggregation of heterogenous shoppers who will be going through idiosyncratic revenue shocks and full marketplaces in all assets.
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In the 1976 paper,[Observe three] Robert Lucas argued that it is naive to try to predict the consequences of the transform in economic coverage entirely on the basis of relationships noticed in historic facts, Specially hugely aggregated historic data.