Affiliation:
1. Institute for Fiscal Studies and Department of Economics, University College London.
2. Sloan School of Management, Massachusetts Institute of Technology.
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.
Publisher
American Economic Association
Subject
Economics and Econometrics
Cited by
135 articles.
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