Heterogeneity and Aggregation

Richard Blundell () and Thomas M. Stoker

Journal of Economic Literature, 2005, vol. 43, issue 2, 347-391

Abstract: This survey covers recent solutions to aggregation problems in three application areas, consumer demand analysis, consumption growth and wealth, and labor participation and wages. Each area involves treatment of heterogeneity and nonlinearity at the individual level. Three types of heterogeneity are highlighted: heterogeneity in individual tastes, heterogeneity in income and wealth risks and heterogeneity in market participation. Work in each area is illustrated using results from empirical data. The overall aim is to show how concerns faced by empirical researchers regarding aggregation can be addressed.

JEL-codes: C43 E00 E21 E24 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (3)

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DOI: 10.1257/0022051054661486

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