Optimal economic growth with recursive preferences: decreasing rate of time preference
Optimal economic growth with recursive preferences: decreasing rate of time preference
dc.creator | Mantel, Rolf | |
dc.date | 2016-05-10 | |
dc.date.accessioned | 2019-04-02T13:59:33Z | |
dc.date.available | 2019-04-02T13:59:33Z | |
dc.identifier | https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/41028 | |
dc.identifier.uri | http://revistaschilenas.uchile.cl/handle/2250/3067 | |
dc.description | In the field of optimal growth theory, since Ramsey's time it is frequent to maximize a welfare function consisting of the discounted sum of instantaneous utilities. Such an optimality criterion implies that preferences are independent over time. Following in the tradition of Irwing Fisher, Koopmans presented postulates for recursive preferences for which the rate of time preference is variable. In a later study with Beals he showed that the implications are that even in the simplest situations described by the neoclassical growth model initial conditions affect the long run optimal path. These authors assumed a quasiconcave welfare function. In the present essay their analysis is extended to the case of a discounted sum of instantaneous utilities when the discount rate decreases as consumption increases, and the welfare function need not be concave. | en-US |
dc.format | text/html | |
dc.language | eng | |
dc.publisher | Departamento de Economía - Facultad de Economía y Negocios, Universidad de Chile. | en-US |
dc.relation | https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/41028/43615 | |
dc.source | Estudios de Economía; Vol 25 No 2 (1998): December; pp. 161-178 | en-US |
dc.source | Estudios de Economía; Vol 25 No 2 (1998): December; pp. 161-178 | es-ES |
dc.source | 0718-5286 | |
dc.source | 0304-2758 | |
dc.title | Optimal economic growth with recursive preferences: decreasing rate of time preference | en-US |
dc.title | Optimal economic growth with recursive preferences: decreasing rate of time preference | es-ES |
dc.type | info:eu-repo/semantics/article | |
dc.type | info:eu-repo/semantics/publishedVersion |
This item appears in the following Collection(s)
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Estudios de Economía
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