ON THE IMPACT OF HETEROGENEITY ON INDETERMINACY*
研究在新古典两部门增长模型中，考虑技术外部性和代理人异质性（资本份额和劳动禀赋差异）时，不平等对经济不确定性（多重均衡）的影响方向，发现其取决于风险规避函数的凸性。
Some recent research indicates that the occurrence of indeterminacy in models with externalities may be overstated because these models ignore agents' heterogeneity. We consider a neoclassical two‐sector growth model with technological externalities. Agents are heterogeneous with respect to their shares of the initial stock of capital and in labor endowments. We find that the sign of the effect of inequality on indeterminacy is not pinned down by the standard properties of preferences. However, when the inverse of absolute risk aversion is a convex (respectively concave) function, homogeneity (heterogeneity) tends to neutralize the external effects and eliminate indeterminacy.