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Demand is heterogenous in grandmonts model

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  • John Quah

    () (St Hugh's College, Oxford)

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.

Suggested Citation

  • John Quah, 2001. "Demand is heterogenous in grandmonts model," Economics Papers 2001-W12, Economics Group, Nuffield College, University of Oxford.
  • Handle: RePEc:nuf:econwp:0112
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    File URL: http://www.nuff.ox.ac.uk/Economics/papers/2001/w12/Khil.pdf
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    Cited by:

    1. Gael Giraud & John Quah, 2002. "Heterotic Models of Aggregate Demand," Economics Papers 2002-W18, Economics Group, Nuffield College, University of Oxford.
    2. Jean-Michel Grandmont, 2017. "Behavioral Heterogeneity : Pareto Distributions of Homothetic Preference Scales and Aggregate Expenditures Income Elasticities," Working Papers 2017-11, Center for Research in Economics and Statistics.
    3. Werner Hildenbrand & Alois Kneip, 2005. "On behavioral heterogeneity," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(1), pages 155-169, January.

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