How relevant are specifications of behavioral relations on the micro-level for modelling the time path of population aggregates?

@inproceedings{Hildenbrand1998HowRA,
  title={How relevant are specifications of behavioral relations on the micro-level for modelling the time path of population aggregates?},
  author={Werner Hildenbrand},
  year={1998}
}
Abstract This paper shows that the specification of behavioural relations at the individual level does not play a dominant role in determining the sort of relation among aggregates discussed. More important are certain invariant features of the distribution of household characteristics and attributes. These `invariants' allow one to derive an aggregate consumption relation. It is shown that some of the coefficients of a first-order approximation of that relation (describing the effect of… CONTINUE READING