✦ LIBER ✦

Heterogeneity in capital and skills in a neoclassical stochastic growth model

✍ Scribed by Lilia Maliar; Serguei Maliar

Publisher: Elsevier Science
Year: 2001
Tongue: English
Weight: 214 KB
Volume: 25
Category: Article
ISSN: 0165-1889
DOI: 10.1016/s0165-1889(99)00058-5

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✦ Synopsis

Does a heterogeneous agents version of a neoclassical model with labor}leisure choice replicate the distributions of consumption and working hours observed in the crosssectional data? Does incorporating heterogeneity enhance the aggregate performance of the representative agent model? We address these questions in a complete market model economy with two sources of heterogeneity: initial endowments and non-acquired skills. We "nd positive answers to both questions.

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