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Equivalence of utilitarian maximal and weakly maximal programs
Banerjee, Kuntal; Mitra, Tapan - 2009
For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the...
Persistent link: https://www.econbiz.de/10010292060
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Learning-by-doing in two sectors, production structure, leisure and optimal endogenous growth
Göcke, Matthias - 2011
A model with two different production sectors and endogenous growth based on the accumulation of sector-specific human capital due to learning-by-doing is presented. Accumulation of experience is measured by means of sectoral production output aggregated over time. Growth is controlled by a...
Persistent link: https://www.econbiz.de/10010286347
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Learning-by-doing in two sectors, production structure, leisure and optimal endogenous growth
Göcke, Matthias - 2011
A model with two different production sectors and endogenous growth based on the accumulation of sector-specific human capital due to learning-by-doing is presented. Accumulation of experience is measured by means of sectoral production output aggregated over time. Growth is controlled by a...
Persistent link: https://www.econbiz.de/10008933383
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Optimal Growth with Heterogeneous Agents and the Twisted Turnpike : An Example
Becker, Robert A. - 2011
The dynamics of a welfare maximizing heterogeneous agent, one sector optimal Ramsey model is analyzed assuming two agents, each with a distinct discount factor and log utility. Production is Cobb-Douglas. Explicit time-varying policy functions are derived, one for each period. A Twisted Turnpike...
Persistent link: https://www.econbiz.de/10013120167
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On Ramsey Equilibrium : Capital Ownership Pattern and Inefficiency
Becker, Robert A. - 2013
We provide a sufficient condition on the production function under which eventually the most patient household owns the entire capital stock in every Ramsey Equilibrium, called the turnpike property. This generalizes the result in the literature which establishes the turnpike property using the...
Persistent link: https://www.econbiz.de/10013089621
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On Optimality, Endogenous Discounting and Wealth Accumulation
Schumacher, Ingmar - 2007
, whereas the concavity of the Hamiltonian requires negative felicity for optimality. This dilemma also holds for the … endogenizations of Obstfeld (1990) and followers. We solve the model with positive felicity and resolve when optimality is possible …
Persistent link: https://www.econbiz.de/10012730508
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A Characterization of Ramsey Equilibrium in a Model with Limited Borrowing
Borissov, Kirill - 2015
This paper considers a one-sector economic growth model with several infinitely - lived heterogeneous households, who differ both in the discount factors as well as preferences over consumption. Unlike the extreme form of borrowing constraint observed in the classical Ramsey model, recently...
Persistent link: https://www.econbiz.de/10013035055
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A Characterization of Ramsey Equilibrium in a Model with Limited Borrowing
Borissov, Kirill; Dubey, Ram Sewak - Department of Economics, European University at St. … - 2013
We investigate the convergence property of the capital stock sequence in Ramsey equilibria with limited borrowing by the households. In our model, at the beginning of each period, households are allowed to borrow against their end of the period wage income. Under this assumption the capital...
Persistent link: https://www.econbiz.de/10010858823
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Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations
Mabrouk, Mohamed - Volkswirtschaftliche Fakultät, … - 2006
This paper studies the Pareto-optimality of the consensual optimum established in "Allais-anonymity as an alternative … to the discounted-sum criterion I: consensual optimality" (Mabrouk 2006a). For that, a Pareto-optimality criterion is set …-optimal. Through an example, it is then shown that the golden rule must be checked to achieve Allais-anonymous optimality. The …
Persistent link: https://www.econbiz.de/10005025714
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Optimal Accumulation in a Small Open Economy with Technological Uncertainty
Datta, Manjira - Department of Economics, W.P. Carey School of Business
optimality needs to be modified. From the optimality criterion, we derive a pair of conditions, which does not require …
Persistent link: https://www.econbiz.de/10005345961