Before revision:  We allow for a rich structure of heterogeneity: Individuals may differ in their beliefs concerning the economy, information and learning mechanism, risk aversion, impatience (time preference rate) and degree of habits .
After revision:  We allow for a rich structure of heterogeneity: Individuals may differ in their beliefs concerning the economy, information and learning mechanism, risk aversion, impatience and 'catching up with Joneses' preferences .