Demand is heterogeneous in Grandmont's model.
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 sh...
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| Format: | Working paper |
| Language: | English |
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Nuffield College (University of Oxford)
2001
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