کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
966237 | 930939 | 2008 | 19 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The open-loop solution of the Uzawa-Lucas model of endogenous growth with N agents
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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![عکس صفحه اول مقاله: The open-loop solution of the Uzawa-Lucas model of endogenous growth with N agents The open-loop solution of the Uzawa-Lucas model of endogenous growth with N agents](/preview/png/966237.png)
چکیده انگلیسی
We solve an NâN player general-sum differential game. The optimization problem considered here is based on the Uzawa-Lucas model of endogenous growth. Agents have logarithmic preferences and own two capital stocks. Since the number of players is an arbitrary fixed number NâN, the model's solution is more general than the idealized concepts of the social planer's solution with one player or the competitive equilibrium with infinitely many players. We show that the symmetric Nash equilibrium is completely described by the solution to a single ordinary differential equation. The numerical results imply that the influence of the externality along the balanced growth path decreases rapidly as the number of players increases. Off the steady state, the externality is of great importance, even for a large number of players.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 30, Issue 1, March 2008, Pages 396-414
Journal: Journal of Macroeconomics - Volume 30, Issue 1, March 2008, Pages 396-414
نویسندگان
Dirk Bethmann,