کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
969824 1479473 2010 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Conspicuous consumption and generation replacement in a model of perpetual youth
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Conspicuous consumption and generation replacement in a model of perpetual youth
چکیده انگلیسی

This paper investigates household decisions in an overlapping generations model in which individual utility depends on a weighted average of consumption of one's peers. In contrast to representative agent economies, the consumption externality generally affects savings and growth rates. The effects critically depend on the rate at which labor productivity changes with age. For a high (low) rate, the externality lowers (raises) the steady state propensity to consume out of total wealth. The optimal allocation can be decentralized by a (reverse) unfunded social security system if the rate of labor productivity decline is high (low). In contrast to discrete time OLG models, the optimal steady state capital income tax is zero, in spite of the externality.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Public Economics - Volume 94, Issues 11–12, December 2010, Pages 1093–1107
نویسندگان
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