Munich Personal RePEc Archive

A new characterization of consumer heterogeneity in a growing economy

Maebayashi, Noritaka and Murahara, Hideki (2022): A new characterization of consumer heterogeneity in a growing economy.

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Caselli and Ventura (2000) introduced various sources of consumer heterogeneity, while studying changes in consumption, assets, income distributions, and preferences for public services and focusing on their average values to determine the features of the representative economic behavior. Based on this model, we propose a new approach that features the economic behavior of heterogeneous consumers. We introduce the view of direction vectors representing the principal components derived from the main sources of consumer heterogeneity rather than considering their average values. We expect that our progressive approach will provide us with further insight into the essence of what we have been hitherto considering from an average perspective.

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