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Endogenous discounting and the domain of the felicity function
Schumacher, Ingmar - In: Economic Modelling 28 (2011) 1, pp. 574-581
domain. A variety of articles use the Mangasarian or Arrow and Kurz condition as a sufficient condition for optimality, which …
Persistent link: https://www.econbiz.de/10010573361
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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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Optimal accumulation in a small open economy with technological uncertainty
Datta, Manjira - In: Economic Theory 13 (1999) 1, pp. 207-219
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/10005370739
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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
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Existence, Optimality and Dynamics of Equilibria with Endogenous Time Preference
Van, Cuong Le; Saglam, Cagri; Erol, Selman - Development and Policies Research Center (Depocen) - 2011
To account for the development patterns that differ considerably among economies in the long run, a variety of one-sector models that incorporate some degree of market imperfections based on technological external effects and increasing returns have been presented. This paper studies the dynamic...
Persistent link: https://www.econbiz.de/10008751503
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THE MODIGLIANI-MILLER THEOREM IN A DYNAMIC ECONOMY
TAKEKUMA, SHIN-ICHI - In: Hitotsubashi Journal of Economics 51 (2010) 1, pp. 43-55
A dynamic economy with markets of equities and bonds is considered. The rational expectations equilibrium is defined in an asset pricing model and a condition under which the Modigliani-Miller theorem holds is shown. In an aggregate model the existence of a rational expectations equilibrium is...
Persistent link: https://www.econbiz.de/10009206376
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On the Optimal Stationary State for the Quasi-Stationary Model of Capital Accumulation under Uncertainty : The Characterization of the Discounted Golden-Rule State by Prices
Takekuma, Shin-ichi - In: Hitotsubashi Journal of Economics 49 (2008) 1, pp. 23-33
A general quasi-stationary model of capital accumulation under uncertainty is considered and the discounted golden-rule state is characterized by prices. A support price for the discounted golden-rule state, which is a finitely additive vector-valued measure, is proved to exist. By using the...
Persistent link: https://www.econbiz.de/10009206447
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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
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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