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In this paper we show that we can replace the assumption of constant discount rate in the onesector optimal growth model with the assumption of decreasing marginal impatience without losing major properties of the model. In particular, we show that the steady state exists, is unique, and has a...
Persistent link: https://www.econbiz.de/10002523969
Persistent link: https://www.econbiz.de/10003846360
Persistent link: https://www.econbiz.de/10003290077
In this paper we show that we can replace the assumption of constant discount rate in the one-sector optimal growth model with the assumption of decreasing marginal impatience without losing major properties of the model. In particular, we show that the steady state exists, is unique, and has a...
Persistent link: https://www.econbiz.de/10013318824