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Fix emphasis vs definitions in ak_aiyagari.md
Changes per #721: - Lifecycle patterns - Within-cohort heterogeneity - Cross-cohort interactions All terms changed from italic to bold as they are definitions per style guide.
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lectures/ak_aiyagari.md

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@@ -151,17 +151,17 @@ Summarizing activities in the asset market, all agents, regardless of age $j \in
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### Key features
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*Lifecycle patterns* shape economic behavior across ages:
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**Lifecycle patterns** shape economic behavior across ages:
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- Labor productivity varies systematically with age according to the profile $l(j)$, while asset holdings typically follow a lifecycle pattern of accumulation during working years and decumulation during retirement.
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- Age-specific fiscal transfers $\delta_{j,t}$ redistribute resources across generations.
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*Within-cohort heterogeneity* creates dispersion among agents of the same age:
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**Within-cohort heterogeneity** creates dispersion among agents of the same age:
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- Agents of the same age differ in their asset holdings $a_{i,j,t}$ due to different histories of idiosyncratic productivity shocks, their current productivities $\gamma_{i,j,t}$, and consequently their labor incomes and financial wealth.
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*Cross-cohort interactions* determine equilibrium outcomes through market aggregation:
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**Cross-cohort interactions** determine equilibrium outcomes through market aggregation:
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- All cohorts participate together in factor markets, with asset supplies from all cohorts determining aggregate capital and effective labor supplies from all cohorts determining aggregate labor.
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