Jouini, Elyès; Marin, Jean-Michel; Napp, Clotilde - In: Journal of Economic Theory 145 (2010) 2, pp. 830-859
Agents impatience rate and their anticipations about the future of the economy, are two essential determinants of the equilibrium discount rate, as illustrated by the Ramsey formula. Heterogeneity in time preference rates and in anticipations is widely acknowledged. Our objective is to determine...