### Derivazione del modello dei valori attesi tramite procedura aggregativa dinamica

C. Bernini
The poor capability of the PVM to reproduce the asset price volatility can be due to the representative agent hypothesis. The solution here proposed is based on the microfundation of the PVM. We remove the representative agent hypothesis and define microutility functions, with individual risk aversion coefficient and consumption, which is assumed to be an autoregressive process. By the dynamic aggregation of the microutility functions we obtain an ARMAX model. The new version of PVM,...