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Heterogeneity and Stability: Variations on Scarf's Processes

Author

Listed:
  • de Villemur, E.B.

Abstract

There 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.

Suggested Citation

  • de Villemur, E.B., 1998. "Heterogeneity and Stability: Variations on Scarf's Processes," Economics Working Papers eco98/38, European University Institute.
    • Handle: RePEc:eui:euiwps:eco98/38
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    Citations

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    Cited by:

    1. Gael Giraud & Isabelle Maret, 2001. "Behavioral Heterogeneity in Large Economies," Working Papers of BETA 2001-08, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. Isabelle MARET, 2002. "Modeling Behavioral Heterogeneity in Demand Theory," Working Papers of BETA 2002-05, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    3. 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.
    4. Isabelle MARET, 2001. "Modeling Behavioral Heterogeneity in Demand Theory," Working Papers of BETA 2001-04, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    5. Gael GIRAUD & Isabelle MARET, 2002. "Modelling Behavioral Heterogeneity," Working Papers of BETA 2002-22, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

    More about this item

    Keywords

    CONSUMPTION ; MARKET STRUCTURE ; GENERAL EQUILIBRIUM ; MACROECONOMICS;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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