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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