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Optimal Growth and Impatience: A Phase Diagram Analysis

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Author Info
Fwu-Ranq Chang ()

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Abstract

In this paper we show that we can replace the assumption of constant discount rate in the one-sector optimal growth model with the assumption of decreasing marginal impatience without losing major properties of the model. In particular, we show that the steady state exists, is unique, and has a saddle-point property. All we need is to assume that the discount function is strictly decreasing, strictly convex and has a uniformly bounded first-derivative.

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File URL: http://www.cesifo-group.de/DocCIDL/cesifo1_wp1359.pdf
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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 1359.

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Date of creation: 2004
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Handle: RePEc:ces:ceswps:_1359

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Related research
Keywords: recursive utility; decreasing marginal impatience; saddle point; bounded slope assumption;

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Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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