@inbook{cc149913c39a48e5a4ad9a779cc97ff6,
title = "Unraveling the Household Heterogeneity in Regional Economic Models: Some Important Challenges",
abstract = "Regional modelers have spent a great deal of time and energy worrying about the level of sectoral aggregation but relatively little time considering the implications of aggregation of households into a representative household. In the US, households account for 70% of GDP on the expenditure side and increasing concerns about rising income inequality suggest that greater household disaggregation might be warranted. This paper provides a sampling of some evidence of the impacts for such disaggregation in regional econometric-input-output and computable general equilibrium models; attention is directed to disaggregation by age and income and a variety of experiments reveal the implications on a regional economy over the short- and long-run. Given the increasing attention on income distribution and inequality, the opportunity exists to provide important contributions to this literature by exploring the mechanisms of income formation, especially from non-wage and salary sources.",
keywords = "Human Capital, Human Capital Stock, Educational Investment, Gross Regional Product, Computable General Equilibrium Model",
author = "Hewings, {Geoffrey J.D.} and Yoon, {Sang Gyoo} and Seryoung Park and Kim, {Tae Jeong} and Kijin Kim and Kurt Kratena",
note = "Publisher Copyright: {\textcopyright} 2017, Springer International Publishing AG.",
year = "2017",
doi = "10.1007/978-3-319-50590-9_2",
language = "English (US)",
isbn = "9783319505893",
volume = "2",
series = "Advances in Spatial Science",
publisher = "Springer",
pages = "23--47",
editor = "Randall Jackson and Peter Schaeffer",
booktitle = "Regional Research Frontiers",
address = "Germany",
}