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Demand is heterogenous in grandmonts model

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Author Info
John Quah () (St Hugh's College, Oxford)

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Abstract

We 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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File URL: http://www.nuff.ox.ac.uk/Economics/papers/2001/w12/Khil.pdf
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Publisher Info
Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2001-W12.

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Length: 12 pages
Date of creation: 18 Jul 2001
Date of revision:
Handle: RePEc:nuf:econwp:0112

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Web page: http://www.nuff.ox.ac.uk/economics/

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  1. Gael Giraud & John Quah, 2002. "Heterotic Models of Aggregate Demand," Economics Papers 2002-W18, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
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