This paper provides a new explanation why several US states have implemented supermajority requirements for tax increases.We model a dynamic and stochastic OLG economy where individual preferences depend on age and change over time in a systematic way. In this setting, we show that the first population of voters will choose a supermajority rule in order to influence the outcomes of future elect...

This paper simulates the impact of a permanent fertility shock on economic growth, using endogenous versus exogenous growth OLG models. An endogenous growth model, with education as the engine of growth, dampens the negative impact of a decline in fertility on growth when compared with an exogenous growth model. This result stems from the rise in education levels brought about by the expectatio...

Weizhen Mao and David M. Ni ol Department of Computer S ien e The College of William and Mary Williamsburg, Virginia 23187-8795 fwm, ni olg s.wm.edu Abstra t In this paper, we de ne a parallel version of the multidis iplinary design optimization problem, where parallel pro essors are available to exe ute omputation modules with input/output ommuni ations in a omplex engineering system. In addit...

Using the savers-spenders theory developed by Mankiw (2000, AER), we propose microfoundations to the existence of rentiers in macroeconomic growth models. From an OLG model which acknowledges the great heterogeneity of consumer behavior apparent in the data, we capture the dynamic considerations of potential rentiers as a natural consequence of intertemporal utility maximization and we analyze ...

سابقه و هدف: جنگل­ های زاگرس به ­عنوان یکی از بوم ­سازگان­ جنگلی مهم ایران پوشش­ گیاهی (درختان، درختچه ­ها گونه­ علفی) متنوعی برخوردار می­ باشد. شناسایی آگاهی دقیق نقش ­شناختی آنها در این ­سازگان تواند حفاظت منابع طبیعی توسعه پایدار کمک شایانی نماید. به‌منظور مطالعه تنوع گونه‌ای گیاهان چوبی ذخیره کربن خاک رابطه با عوامل فیزیوگرافیک (جهت، شیب ارتفاع سطح دریا)، رویشگاه کیکم (var. cinerascens Acer...

We investigate the effects of forward looking behaviour in technology adoption. The setup is an overlapping generation model where agents choose between two alternative networks taking in consideration the installed base as well as the expected base. In other words users not only keep into account the actions of previous players, but also form expectations over future generations’ choices befor...

Is there an economic rationale for pronatalist policies? We propose and analyze a particular market failure that leads to inefficiently low fertility in equilibrium. The friction is caused by the lack of ownership of children: if parents have no claim on their children’s income, the private benefit from producing a child can be smaller than the social benefit. We analyze an overlapping-generati...