منابع مشابه
Recursive preferences and balanced growth
We study a class of utility functions that are defined recursively by an aggregator W (x, y) where ut =W ( ct , ut+1 ) . In single-agent economies it is known that a sufficient condition for the existence of a balanced growth path is that utility should be homogenous of degree . In the context of a multiagent economy we show that this restriction implies that either a balanced growth equilibriu...
متن کاملRecursive Preferences and Balanced Growth1
We study a class of utility functions that are defined recursively by an aggregator W (x, y) where ut =W (ct, ut+1). In single-agent economies it is known that a sufficient condition for the existence of a balanced growth path is that utility should be homogenous of degree γ. In the context of a multi-agent economy we show that this restriction implies that either a balanced growth equilibrium ...
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Introduction Propose and provide foundations for a preference model set in an explicitly dynamic framework with uncertainty where: DM is sensitive to ambiguity ambiguity attitude is separated from ambiguity ‡exibility in ambiguity attitude and in scope of ambiguity preferences are dynamically consistent discounted expected utility is a special case beliefs are updated over time
متن کاملRecursive Preferences in Forest Management
In this study we find an optimal continuous harvest cutting schedule for a stochastically growing forest stand managed by a risk-averse forest owner. The stand in question is even-aged and the owner is strictly interested in monetary rewards. Expected Net Present Value is a commonly used criterion for determining optimal management schedule for stochastically growing forest stands. However, thi...
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Stiglitz (Econometrica 37 (1969) 382) shows income convergence in a many-agent Solow growth model with integrated capital markets (ICM). The many-agent Ramsey model (MARM) without ICM also gives income convergence. With a MARM, equal discount rates, and ICM, convergence of incomes (as opposed to product per capita) cannot occur. These results depend upon fixed saving propensities (Stiglitz) or ...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2005
ISSN: 0022-0531
DOI: 10.1016/j.jet.2004.08.002