Near-Rationality, Heterogeneity, and Aggregate Consumption
构建了一个非代表性代理人模型，其中微观主体具有近似理性行为，同时解释了总消费对财富冲击的过度平滑、对滞后收入的过度敏感以及数据中的条件不对称性，且近似理性策略的效用成本很小。
The simple permanent income model provides a good description of the medium-long run behavior of aggregate nondurables consumption, while it fails in describing its short run behavior. In this paper I present a non-representative agent model with near-rational microeconomic units that simultaneously explains the observed excess smoothness of consumption to wealth innovations, the excess sensitivity of consumption to lagged income changes, as well as small conditional asymmetries found in the data. In spite of the presence of large non-diversifiable idiosyncratic uncertainty, the estimated dollar equivalent utility cost of the micreconomic near-rational strategy required to explain the aggregate facts is only 0.26y percent of consumption per year, where y is the coefficient of relative risk aversion.