Demand is heterogenous in grandmonts model
AbstractWe show that Grandmont's (1992) model of demand heterogeneity can be a model of heterogeneity in the complementary or sign-balancing sense. By this we mean that heterogeneity has the following form: given a change in price, agents respond heterogenously - some by increasing their expenditure share on a good, others by diminishing it, so that the average expenditure share of all goods remain approximately unchanged.
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Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2001-W12.
Length: 12 pages
Date of creation: 18 Jul 2001
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Web page: http://www.nuff.ox.ac.uk/economics/
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- NEP-ALL-2001-10-16 (All new papers)
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- Werner Hildenbrand & Alois Kneip, 2005. "On behavioral heterogeneity," Economic Theory, Springer, vol. 25(1), pages 155-169, 01.
- Gael Giraud & John Quah, 2002.
"Heterotic Models of Aggregate Demand,"
2002-W18, Economics Group, Nuffield College, University of Oxford.
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