Borissov, Kirill; Bosi, Stefano; Ha-Huy, Thai; Modesto, … - 2016
aggregate constraint, redistributing. We find that heterogeneity matters, particularly with redistribution. In the meritocracy …, in the redistribution case, the solution for time devoted to capital accumulation is never interior for both agents … welfare under the redistribution regime is always higher than under meritocracy and it is optimal to exploit existing …