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A Representative Consumer Theory of Distribution

Author

Listed:
  • Caselli, G
  • Ventura, J

Abstract

This paper shows that growth models featuring the representative consumer (RC) assumption can generate rich dynamics for the cross-sections of consumption, wealth and income. We consider a class of growth models with three sources of consumer heterogeneity : initial wealth, non-acquired skills and taste for consumption-smoothing.

Suggested Citation

  • Caselli, G & Ventura, J, 1996. "A Representative Consumer Theory of Distribution," Papers 534, Harvard - Institute for International Development.
    • Handle: RePEc:fth:harvid:534
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    Keywords

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    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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