Autore: Billette de Villemure, Etienne
Titolo: Heterogeneity and stability: Variations on scarf's processes
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1998 - Fascicolo: 38 - Pagina iniziale: 1 - Pagina finale: 38

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 outstanding contribution, Jean-Michel Grandmont (1992) argues that increasing behavioural heterogeneity makes aggregate expenditures more independent of prices. He conjectures that, in the aggregate, weak axiom of revealed preference, gross substitutability, uniqueness and stability of the Walrassian exchange equilibrium would prevail under "flat enough" distributions of characteristics. This note emphasises the specific nature of the distributions involved in Grandmont's framework and enhances that the strong macroeconomic regularities that he evidences cannot be considered as a general property of exchange markets.




Testo completo: http://www.iue.it/ECO/WP-Texts/ECO98-38.pdf

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