Optimal Growth with Heterogeneous Agents and the Twisted Turnpike : An Example

The dynamics of a welfare maximizing heterogeneous agent, one sector optimal Ramsey model is analyzed assuming two agents, each with a distinct discount factor and log utility. Production is Cobb-Douglas. Explicit time-varying policy functions are derived, one for each period. A Twisted Turnpike Property and eventual monotone dynamics are demonstrated to govern the evolution of the economy's aggregate capital stock

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Year of publication:	2011
Authors:	Becker, Robert Allen
Publisher:	[2011]: [S.l.] : SSRN
Subject:	Optimales Wachstum \| Optimal growth \| Theorie \| Theory \| Turnpike-Theorem \| Turnpike theorem \| Pareto-Optimum \| Pareto efficiency

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Extent:	1 Online-Ressource (43 p)
Series:	Center for Applied Economics and Policy Research Working Paper ; No. 2011-008
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 22, 2011 erstellt
Other identifiers:	10.2139/ssrn.1932827 [DOI]
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; D51 - Exchange and Production Economies ; D90 - Intertemporal Choice and Growth. General ; O41 - One, Two, and Multisector Growth Models
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013120167