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Demand is heterogeneous in Grandmont's model.

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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Authors


John K.-H. Quah More by this author
Volume:
2001-W12
Series:
Nuffield College Economics Working Papers
Publication date:
2001
URN:
uuid:cfe1479f-c9e8-48bc-9f68-b29efd19bf40
Local pid:
oai:economics.ouls.ox.ac.uk:14833
Language:
English

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