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Collective consumption decisions taken by the members of a household may prove inefficient. The impact of such inefficient household decisions on market performance is investigated. At one extreme, market efficiency can occur even when household decisions are inefficient, namely when household...
Persistent link: https://www.econbiz.de/10010292768
This paper analyzes the effects of sociological changes in the form of a shift of influence within two-member households participating in labor and product markets. The most striking effects occur when household members differ in individual preferences and enjoy positive leisure-dependent...
Persistent link: https://www.econbiz.de/10010262216
We examine economic growth, inequality and education when the wellspring of growth is the formation of human capital through a combination of the quality of child-rearing and formal schooling. The existence of multiple steady states is established, including a poverty trap, wherein children work...
Persistent link: https://www.econbiz.de/10010262545
The relationship between our general equilibrium model with multi- member households and club models with multiple private goods is investigated. The main distinction in the definitions consists of the equilibrium concepts. As a rule, competitive equilibria among house- holds where no group of...
Persistent link: https://www.econbiz.de/10011753174
Persistent link: https://www.econbiz.de/10003903879
The relationship between our general equilibrium model with multi- member households and club models with multiple private goods is investigated. The main distinction in the definitions consists of the equilibrium concepts. As a rule, competitive equilibria among households where no group of...
Persistent link: https://www.econbiz.de/10008732395
Persistent link: https://www.econbiz.de/10003857761
Persistent link: https://www.econbiz.de/10009242996
Persistent link: https://www.econbiz.de/10009488218
Collective consumption decisions taken by the members of a household may prove inefficient. The impact on market performance depends on whether household inefficiencies are caused by inefficient net trades with the market or by inefficient distribution of resources within households. Inefficient...
Persistent link: https://www.econbiz.de/10011399478