This paper studies how firm heterogeneity in terms of productivity affects the balance between agglomeration and … endogenous markups. It shows that firm heterogeneity matters. However, whether it shifts the balance from agglomeration to … `evenness'. Accordingly, the role of firm heterogeneity in selection models of agglomeration can not be fully understood without …

institutional measures. We establish the double causality between institutional strength and a more equal distribution of income and …

heterogeneity across individuals can have a strong stabilizing effect. We illustrate this in a stylized two-sector economy with an …

propensity held high mortgage debt. The heterogeneity is concentrated in a few non-durable categories and a handful of `new …

heterogeneity in risks. I distinguish between heterogeneity in risk preferences and risk perceptions underlying the unexplained … heterogeneity, I find that the welfare conclusions regarding adversely selected markets are substantially different. The source of … heterogeneity is also essential for the evaluation of different interventions intended to correct inefficiencies due to adverse …