Heterogeneity and Stability: Variations on Scarf's Processes
AbstractThere are still problems in handling diversity in economics. The general equilibrium model itself lacks determinacy for a generic population of economic agents. In an ourstanding contribution, Jean-Michel Grandmont (1992) argues that increasing behavioural heterogeneity makes aggregate expenditures more independent of prices.Thisnote emphasises the specific nature of the distributions in Grandmont's framework and enhances that the strong macroeconomic regularities that he evidences cannot be considered as a general property of exchange markets.
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Bibliographic InfoPaper provided by European University Institute in its series Economics Working Papers with number eco98/38.
Length: 38 pages
Date of creation: 1998
Date of revision:
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CONSUMPTION ; MARKET STRUCTURE ; GENERAL EQUILIBRIUM ; MACROECONOMICS;
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- Gael Giraud & Isabelle Maret, 2002.
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- Alan Kirman, 2006. "Demand Theory and General Equilibrium: From Explanation to Introspection, a Journey down the Wrong Road," History of Political Economy, Duke University Press, vol. 38(5), pages 246-280, Supplemen.
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