IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/114887.html

A new characterization of consumer heterogeneity in a growing economy

Author

Listed:
  • Maebayashi, Noritaka
  • Murahara, Hideki

Abstract

Caselli and Ventura (2000) introduced various sources of consumer heterogeneity, while studying changes in consumption, assets, income distributions, and preferences for public services and focusing on their average values to determine the features of the representative economic behavior. Based on this model, we propose a new approach that features the economic behavior of heterogeneous consumers. We introduce the view of direction vectors representing the principal components derived from the main sources of consumer heterogeneity rather than considering their average values. We expect that our progressive approach will provide us with further insight into the essence of what we have been hitherto considering from an average perspective.

Suggested Citation

  • Maebayashi, Noritaka & Murahara, Hideki, 2022. "A new characterization of consumer heterogeneity in a growing economy," MPRA Paper 114887, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:114887
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/114887/1/MPRA_paper_114887.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jaume Ventura, 1997. "Growth and Interdependence," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(1), pages 57-84.
    2. Turnovsky, Stephen J. & Garci­a-Peñalosa, Cecilia, 2008. "Distributional dynamics in a neoclassical growth model: The role of elastic labor supply," Journal of Economic Dynamics and Control, Elsevier, vol. 32(5), pages 1399-1431, May.
    3. Jaume Ventura & Francesco Caselli, 2000. "A Representative Consumer Theory of Distribution," American Economic Review, American Economic Association, vol. 90(4), pages 909-926, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Atolia, Manoj & Chatterjee, Santanu & Turnovsky, Stephen J., 2012. "Growth and inequality: Dependence on the time path of productivity increases (and other structural changes)," Journal of Economic Dynamics and Control, Elsevier, vol. 36(3), pages 331-348.
    2. Jonathan Temple & Huikang Ying & Patrick Carter, 2014. "Transfers and Transformations: Remittances, Foreign Aid, and Growth," Bristol Economics Discussion Papers 14/649, School of Economics, University of Bristol, UK, revised 02 Dec 2014.
    3. Daisuke Miyashita, 2023. "Public debt and income inequality in an endogenous growth model with elastic labor supply," International Journal of Economic Policy Studies, Springer, vol. 17(2), pages 447-472, August.
    4. Charles VELLUTINI, 2001. "Internationalisation et inégalités. Une analyse par le modèle de Ramsey," Discussion Papers (REL - Recherches Economiques de Louvain) 2001023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    5. Chen, Yu-chin & Turnovsky, Stephen J., 2010. "Growth and inequality in a small open economy," Journal of Macroeconomics, Elsevier, vol. 32(2), pages 497-514, June.
    6. Daron Acemoglu, 2003. "Labor- And Capital-Augmenting Technical Change," Journal of the European Economic Association, MIT Press, vol. 1(1), pages 1-37, March.
    7. Leonhard Frerick & Georg Müller-Fürstenberger & Martin Schmidt & Max Späth, 2022. "Complementarity Modeling of a Ramsey-Type Equilibrium Problem with Heterogeneous Agents," Computational Economics, Springer;Society for Computational Economics, vol. 60(3), pages 1135-1154, October.
    8. Jorge Rojas-Vallejos & Stephen J. Turnovsky, 2021. "Differential Tariffs and Income Inequality in the United States: Some Evidence from the States," Open Economies Review, Springer, vol. 32(1), pages 1-35, February.
    9. Kylymnyuk Dmytro & Maliar Lilia & Maliar Serguei, 2007. "Rich, Poor and Growth-Miracle Nations: Multiple Equilibria Revisited," The B.E. Journal of Macroeconomics, De Gruyter, vol. 7(1), pages 1-44, August.
    10. Atolia, Manoj & Papageorgiou, Chris & Turnovsky, Stephen J., 2021. "Re-opening after the lockdown: Long-run aggregate and distributional consequences of COVID-19," Journal of Mathematical Economics, Elsevier, vol. 93(C).
    11. Sergi Basco & Martí Mestieri, 2019. "The world income distribution: the effects of international unbundling of production," Journal of Economic Growth, Springer, vol. 24(2), pages 189-221, June.
    12. Jorge Rojas-Vallejos & Stephen Turnovsky, 2015. "The Consequences of Tariff Reduction for Economic Activity and Inequality," Open Economies Review, Springer, vol. 26(4), pages 599-599, September.
    13. Cecilia García-Peñalosa & Stephen J. Turnovsky, 2012. "Income Inequality, Mobility, and the Accumulation of Capital. The role of Heterogeneous Labor Productivity," AMSE Working Papers 1216, Aix-Marseille School of Economics, France.
    14. Erauskin, Iñaki & Turnovsky, Stephen J., 2019. "International financial integration and income inequality in a stochastically growing economy," Journal of International Economics, Elsevier, vol. 119(C), pages 55-74.
    15. Stephen J. Turnovsky, 2013. "The relationship between economic growth and inequality," New Zealand Economic Papers, Taylor & Francis Journals, vol. 47(2), pages 113-139, August.
    16. Stephen J. Turnovsky & Iñaki Erauskin, 2022. "Productive government expenditure and its impact on income inequality: evidence from international panel data," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 158(1), pages 331-364, February.
    17. Cecilia García-Peñalosa & Stephen Turnovsky, 2008. "Consumption externalities: a representative consumer model when agents are heterogeneous," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(3), pages 439-467, December.
    18. Getachew, Yoseph Y. & Turnovsky, Stephen J., 2015. "Productive government spending and its consequences for the growth–inequality tradeoff," Research in Economics, Elsevier, vol. 69(4), pages 621-640.
    19. Cecilia Garc√Ça-Pe√Ëalosa & Stephen J. Turnovsky, 2011. "Taxation and Income Distribution Dynamics in a Neoclassical Growth Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(8), pages 1543-1577, December.
    20. Marcel Aloy & Gilles de Truchis, 2012. "Estimation and Testing for Fractional Cointegration," Working Papers halshs-00793206, HAL.

    More about this item

    Keywords

    ;
    ;

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:114887. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.