کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
884544 | 912398 | 2007 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Time-preference and commitment
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We study how the extent of commitment ability influences equilibrium allocations in one-sector growth models in which households have non-geometric discounting functions. Our analysis covers the standard model, in which the economy approaches a stationary equilibrium, and the AKAK model, which allows for perpetual growth of per-capita output. We demonstrate that higher commitment ability implies a higher level (in the standard model) and a higher growth rate (in the AKAK model) of long-run per-capita output. Unlike similar studies, we assume that the commitment technology is stochastic and that the non-geometric nature of time-preference is caused by idiosyncratic shocks to households.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 62, Issue 4, April 2007, Pages 556–578
Journal: Journal of Economic Behavior & Organization - Volume 62, Issue 4, April 2007, Pages 556–578
نویسندگان
Gerhard Sorger,