Heterogeneity and Stability: Variations on Scarf's Processes

E.B. de Villemur

Economics Working Papers from European University Institute

Abstract: There are still problems in handling diversity in economics. The general equilibrium model itself lacks determinacy for a generic population of economic agents. In an ourstanding contribution, Jean-Michel Grandmont (1992) argues that increasing behavioural heterogeneity makes aggregate expenditures more independent of prices.Thisnote emphasises the specific nature of the distributions in Grandmont's framework and enhances that the strong macroeconomic regularities that he evidences cannot be considered as a general property of exchange markets.

Keywords: CONSUMPTION; MARKET STRUCTURE; GENERAL EQUILIBRIUM; MACROECONOMICS (search for similar items in EconPapers)
JEL-codes: D11 D41 D50 E10 (search for similar items in EconPapers)
Pages: 38 pages
Date: 1998
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco98/38

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