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Intergenerational anonymity as an alternative to the discounted- sum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations

Mabrouk, Mohamed - EconWPA - 2005

This paper studies the Pareto-optimality of the consensual optimum established in 'Intergenerational anonymity as an … alternative to the discounted-sum criterion I: consensual optimality'. For that, a Pareto- optimality criterion is set up by the …. Through an example, it is then shown that the golden rule must be checked to achieve anonymous optimality. The introduction of …

Persistent link: https://www.econbiz.de/10005556724

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

Mabrouk, Mohamed - EconWPA - 2005

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

Persistent link: https://www.econbiz.de/10005062748

Human Capital and Income Distribution Dynamics

Giannini, Massimo - EconWPA - 1998

The paper assumes a continuum of two period-lived agents; agents are identical except for the inherited income. Young agents optimally allocate their inherited income between consumption and investment in human capital in a stochastic environment. In the second period they receive a wage...

Persistent link: https://www.econbiz.de/10005556716

Explicit Transitional Dynamics in Growth Models

Xie, Danyang - EconWPA - 2002

Transitional dynamics in growth models have been subject to much attention recently. With a few exceptions, existing studies rely on computational techniques. This paper uses a set of examples to illustrate that qualitative insights on the transitional dynamics can be gained at the expense of...

Persistent link: https://www.econbiz.de/10005125673

Divergence in Economic Performance: Transitional Dynamics with Multiple Equilibria

Xie, Danyang - EconWPA - 2002

Special pairs of the utility functions and the production functions are used in this paper to uncover the transitional dynamics in a Lucas model of growth. The main findings are as follows: A continuum of equilibria exists if the external effect of human capital in goods production is...

Persistent link: https://www.econbiz.de/10005408268

Inverse stochastic dominance constraints and rank dependent expected utility theory

Dentcheva, Darinka; Ruszczynski, Andrzej - EconWPA - 2005

. We develop optimality conditions and duality theory for problems with Lorenz dominance constraints. We prove that …

Persistent link: https://www.econbiz.de/10005125607

Determinacy of Competitive Equilibria in Economies with Many Commodities

Shannon, Chris - EconWPA - 1996

This paper provides a framework for establishing the determinacy of equilibria in general equilibrium models with infinitely many commodities and a finite number of consumers and producers. The paper defines a notion of regular economy for such models and gives sufficient conditions on the...

Persistent link: https://www.econbiz.de/10005556745

Economic Freedom and The Business Cycle: The Egyptian Experience.

Mikhail, Ossama - EconWPA - 2004

Most studies that emphasize and encourage the shift towards a less regulated and financially open system rest on the premise of a prosperous growth prospect. Accordingly, interests have focused on growth models as a framework to understand and to analyze the effects of economic freedom. In this...

Persistent link: https://www.econbiz.de/10005561221

CIRCULAR VARIABLE WORK IN PROCESS

Vildosola, Luis - EconWPA - 2002

This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...

Persistent link: https://www.econbiz.de/10005126234

An Estimate of the Elasticity of Intertemporal Substitution in a Production Economy

Harashima, Taiji - EconWPA - 2005

The elasticity of intertemporal substitution (EIS) at the macro level has been estimated mostly based on endowment economy models and these estimates are very sensitive to the choice of interest rates that are used for estimation. Estimates based on production economy models do not need...

Persistent link: https://www.econbiz.de/10005126406

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