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Journal of Economic Literature: Vol. 43 No. 2 (June 2005)

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Heterogeneity and Aggregation

Article Citation

Blundell, Richard, and Thomas M. Stoker. 2005. "Heterogeneity and Aggregation." Journal of Economic Literature, 43(2): 347-391.

DOI: 10.1257/0022051054661486

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.

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Blundell, Richard
Stoker, Thomas M.


Journal of Economic Literature


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