Demand is heterogenous in grandmonts model

John Quah

No 2001-W12, Economics Papers from Economics Group, Nuffield College, University of 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.

Pages: 12 pages
Date: 2001-07-18
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:nuf:econwp:0112

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