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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 - 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/10015217021

Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth I: Consensual optimality

Mabrouk, Mohamed - 2006

technical change, without resorting to the discounted-sum criterion. The solution suggested is to consider an optimality … criterion expressing an Allais-anonymous intergenerational consensus. The partial characterization of consensual optimality was … is a necessary condition for consensual optimality. The necessary study of the Pareto-optimality of the consensual …

Persistent link: https://www.econbiz.de/10015229421

Global analysis and indeterminacy in a two-sector growth model with human capital

Antoci, Angelo; Galeotti, Marcello; Russu, Paolo - 2012

The purpose of the present paper is to highlight some features of global dynamics of the two-sector growth model with accumulation of human and physical capital analyzed by Brito, P. and Venditti, A. (2010). In particular, we explore two cases where the Brito-Venditti system admits two balanced...

Persistent link: https://www.econbiz.de/10015232253

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

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

Global analysis and indeterminacy in a two-sector growth model with human capital

Antoci, Angelo; Galeotti, Marcello; Russu, Paolo - Volkswirtschaftliche Fakultät, … - 2012

Persistent link: https://www.econbiz.de/10011113576

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

Endogenous Discounting via Wealth, Twin-Peaks and the Role of Technology

Ingmar, SCHUMACHER - Institut de Recherche Économique et Sociale (IRES), … - 2006

The articles gives new answers to the following questions : One, what can be potential source of the twin-peaks of economi growth ? Two, why were some of the countries that were believed to belong to the group of low steady state countries (like Taiwan, South Korea, Japan, etc) able to reach a...

Persistent link: https://www.econbiz.de/10004984719

On optimality, endogeneous discounting and wealth accumulation

Ingmar, SCHUMACHER - Institut de Recherche Économique et Sociale (IRES), … - 2006

concavity of the Hamiltonian requires negative felicity for optimality. This dilemna also holds for the endogenizations of … Obstfeld (1990) and followers. We solve the model with positive felicity and resolve when optimality is possible. We discuss …

Persistent link: https://www.econbiz.de/10004984772

Endogenous discounting via wealth, twin-peaks and the role of technology

SCHUMACHER, Ingmar - Center for Operations Research and Econometrics (CORE), … - 2006

The article gives new answers to the two following questions: One, what can be a potential source of the twin-peaks of economic growth? Two, why were some of the countries that were believed to belong to the group of low steady state countries (like Taiwan, South Korea, Japan, etc.) able to...

Persistent link: https://www.econbiz.de/10005043077