Consumption Quality and Employment Across the Wealth Distribution
提出一个包含消费质量选择、非位似偏好和多部门生产结构的异质性代理人模型，解释了美国财富分布中市场工作时间近乎平坦的现象，并量化了该理论。
Abstract In the U.S., market hours worked are approximately flat across the wealth distribution. Accounting for this phenomenon is a standing challenge for standard heterogeneous-agent macro models. In these models, wealthier households consume more and work fewer hours. We propose a theory that generates the cross-sectional wealth-hours relation as in the data. We quantify this theory in a heterogeneous-agent incomplete-markets model with three key features: a quality choice in consumption, non-homothetic preferences, and a multi-sector production structure. We show that the model produces consumption expenditure patterns consistent with the data and realistic “quality Engel curves”.