منابع مشابه
Social Credibility, Social Patience and Long Run Inequality
This paper considers optimal social insurance in a dynamic moral hazard economy. The existing literature has focussed on environments in which a planner and a population of agents share the same discount factor. A key finding is that agents are then almost surely immiserated; their welfare is driven to its lowest bound. Such immiseration requires a social commitment to treat (almost) everyone a...
متن کاملSocial patience, social credibility and long run inequality
This paper considers optimal social insurance in a dynamic moral hazard economy. The existing literature has focussed on environments in which a planner and a population agents share the same discount factor. A key finding is that agents are almost surely immiserated: their welfare is driven to its lowest bound. We show that this immiseration result does not hold when the planner’s discount fac...
متن کاملLong-Run Policy Analysis and Long-Run Growth
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متن کاملShort-Run Patience and Wealth Inequality
The quasi-geometric (hyperbolic) literature typically assumes that agents are short-run impatient. In this paper, we deviate from this assumption by considering an economy in which a fraction of the population is short-run patient and the remaining population is short-run impatient. In a calibrated version of a neoclassical growth model with uninsurable risk and liquidity constraints, we find t...
متن کاملIncreasing Returns and Long-Run Growth
This paper presents a fully specified model of long-run growth in which knowledge is assumed to be an input in production that has increasing marginal productivity. It is essentially a competitive equilibrium model with endogenous technological change. In contrast to models based on diminishing returns, growth rates can be increasing over time, the effects of small disturbances can be amplified...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2015
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2015.10.011