Models of Aggregate Economic Relationships that Account for Heterogeneity
In: Handbook of Econometrics
AbstractThis chapter covers recent solutions to aggregation problems in three application areas: consumer demand analysis, consumption growth and wealth, and labor participation and wages. Each area involves treatment of heterogeneity and nonlinearity at the individual level. Three types of heterogeneity are highlighted: heterogeneity in individual tastes, heterogeneity in income and wealth risks, and heterogeneity in market participation. Work in each area is illustrated using results from empirical data. The overall aim is to present specific models that connect individual behavior with aggregate statistics, as well as to discuss the principles for constructing such models.
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- C39 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Other
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- Manisha Chakrabarty & Anke Schmalenbach, 2002. "The Effect of Current Income on Aggregate Consumption," The Economic and Social Review, Economic and Social Studies, vol. 33(3), pages 297-317.
- Werner Hildenbrand & Alois Kneip, 2002. "Aggregation under structural stability: the change in consumption of a heterogeneous population," Bonn Econ Discussion Papers bgse4_2002, University of Bonn, Germany.
- Werner Hildenbrand & Alois Kneip, 2004. "Aggregate Behavior and Microdata," Bonn Econ Discussion Papers bgse3_2004, University of Bonn, Germany, revised Jun 2004.
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