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16 septembre 2024
- ISIDORE Id: 10670/1.1e8912...
- hal: hal-04453981
info:eu-repo/semantics/OpenAccess
Mots-clés
wariness overlapping generations dynamic efficiency economic growth Endogenous growth C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling D - Microeconomics/D.D1 - Household Behavior and Family Economics/D.D1.D11 - Consumer Economics: Theory D - Microeconomics/D.D5 - General Equilibrium and Disequilibrium O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate ProductivitySujets proches
Economic growth Growth, Economic Development, EconomicCiter ce document
Hai-Ha Pham et al., « Effects of Wariness on Economic Growth in Overlapping Generations Models », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.1e8912...
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Résumé
We introduce the notion of wariness, defined as a concern for the lowestlifetime utility, in overlapping generations models and explore its effects oneconomic growth. In an exogenous growth model, under standard assumptions,we prove that the capital stock converges to a steady state. We then exploreconditions under which this steady state is increasing (or decreasing) in thewariness level. We also provide a necessary and sufficient condition for thedynamic efficiency of the intertemporal equilibrium. In endogenous growthmodels (à la Romer (1986) or à la Barro (1990)), we show that the growthrate of capital stock per capita in the economy with wariness is lower (higher,respectively) than that in the economy without wariness if and only if the capitalreturn is high (low, respectively).
