Behavioral Heterogeneity and the Income Effect
提出HITS半参数模型，利用英国1968-1998年数据，通过GMM和非参数反卷积估计，发现口味差异解释了预算份额随收入变化的大部分原因。
Abstract—Inspired by the recent literature on aggregation theory, this paper introduces HITS, a semiparametric model of consumer demand that allows for diversity in tastes. The strong variation of budget shares observed across income groups has two possible origins: the individual income effect, and taste differences between poor and rich households. Consumer surveys reporting repeated cross sections do not permit the direct measurement of these two effects. In HITS, linear heterogeneity allows the GMM estimation of structural coef cients on an aggregate series. The joint density of spending and tastes is then recovered from cross sections by a nonparametric procedure involving a deconvolution. We estimate the model on British data (1968–1998) and report that taste heterogeneity explains a large fraction of the variation of budget shares with income. I.