Confronting the Robinson Crusoe paradigm with household-size heterogeneity

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Confronting the Robinson Crusoe paradigm with household-size heterogeneity

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dc.contributor.author Koulovatianos, Christos en_GB
dc.contributor.author Schröder, Carsten en_GB
dc.contributor.author Schmidt, Ulrich en_GB
dc.date.accessioned 2009-08-14T11:16:49Z en_GB
dc.date.accessioned 2011-01-25T10:26:08Z en_US
dc.date.accessioned 2013-03-19T15:56:23Z
dc.date.issued 2008-08 en_GB
dc.description.abstract Modern macroeconomics empirically addresses economy-wide incentives behind economic actions by using insights from the way a single representative household would behave. This analytical approach requires that incentives of the poor and the rich are strictly aligned. In empirical analysis a challenging complication is that consumer and income data are typically available at the household level, and individuals living in multimember households have the potential to share goods within the household. The analytical approach of modern macroeconomics would require that intra-household sharing is also strictly aligned across the rich and the poor. Here we have designed a survey method that allows the testing of this stringent property of intra-household sharing and find that it holds: once expenditures for basic needs are subtracted from disposable household income, household-size economies implied by the remainder household incomes are the same for the rich and the poor. en_GB
dc.identifier.uri http://hdl.handle.net/10036/77375 en_GB
dc.language.iso en en_GB
dc.publisher Center for Financial Studies, University of Frankfurt en_GB
dc.relation.ispartofseries CFS working paper en_GB
dc.relation.ispartofseries 2008/24 en_GB
dc.subject linear aggregation en_GB
dc.subject representative consumer en_GB
dc.subject equivalence scales en_GB
dc.subject survey method en_GB
dc.subject household-size economies en_GB
dc.title Confronting the Robinson Crusoe paradigm with household-size heterogeneity en_GB
dc.type Working Paper en_GB
dc.date.available 2009-08-14T11:16:49Z en_GB
dc.date.available 2011-01-25T10:26:08Z en_US
dc.date.available 2013-03-19T15:56:23Z
dc.description Authors' draft published as working paper by Center for Financial Studies, University of Frankfurt en_GB


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