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The existence of equilibrium paths in an AK-model with endogenous time preferences and borrowing constraints

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  • Kirill Borissov

Abstract

An AK-model with borrowing constraints and endogenous time preferences is considered. It is assumed that the discount factor of a household is a continuous function of its relative income. We propose a definition of an equilibrium path and prove its existence.

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Bibliographic Info

Paper provided by European University at St. Petersburg, Department of Economics in its series EUSP Deparment of Economics Working Paper Series with number Ec-01/13.

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Length: 24 pages
Date of creation: 10 Jan 2013
Date of revision:
Handle: RePEc:eus:wpaper:ec0113

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Keywords: AK-model; endogenous time preferences;

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  1. Chen, Been-Lon, 2003. "An inverted-U relationship between inequality and long-run growth," Economics Letters, Elsevier, vol. 78(2), pages 205-212, February.
  2. Strulik, Holger, 2009. "Patience and Prosperity," Hannover Economic Papers (HEP) dp-426, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  3. Schumacher, Ingmar, 2009. "Endogenous discounting via wealth, twin-peaks and the role of technology," Economics Letters, Elsevier, vol. 103(2), pages 78-80, May.
  4. Michael Stern, 2006. "Endogenous time preference and optimal growth," Economic Theory, Springer, vol. 29(1), pages 49-70, September.
  5. Borissov, Kirill, 2002. "Indeterminate steady-state equilibria in a one-sector model," Economics Letters, Elsevier, vol. 77(1), pages 125-130, September.
  6. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  7. repec:hal:journl:halshs-00639731 is not listed on IDEAS
  8. Cuong Le Van & Cagri Saglam & Selman Erol, 2011. "Existence, Optimality and Dynamics of Equilibria with Endogenous Time Preference," Working Papers 04, Development and Policies Research Center (DEPOCEN), Vietnam.
  9. Ken-Ichi Hirose & Shinsuke Ikeda, 2008. "On Decreasing Marginal Impatience," The Japanese Economic Review, Japanese Economic Association, vol. 59(3), pages 259-274.
  10. Wayne Shafer & Hugo Sonnenschein, 1974. "Equilibrium in Abstract Economies Without Ordered Preferences," Discussion Papers 94, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. BORISSOV, Kirill & LAMBRECHT, Stéphane, 2007. "Growth and distribution in an AK-model with endogenous impatience," CORE Discussion Papers 2007044, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Jean-Pierre Drugeon, 1998. "A model with endogenously determined cycles, discounting and growth," Economic Theory, Springer, vol. 12(2), pages 349-369.
  13. Fwu-Ranq Chang, 2009. "Optimal growth and impatience: A phase diagram analysis," International Journal of Economic Theory, The International Society for Economic Theory, vol. 5(2), pages 245-255.
  14. Meng, Qinglai, 2006. "Impatience and equilibrium indeterminacy," Journal of Economic Dynamics and Control, Elsevier, vol. 30(12), pages 2671-2692, December.
  15. Epstein, Larry G & Hynes, J Allan, 1983. "The Rate of Time Preference and Dynamic Economic Analysis," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 611-35, August.
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Cited by:
  1. Kirill Borissov, 2011. "Growth and Distribution in a Model with Endogenous Time Peferences and Borrowing Constraints," DEGIT Conference Papers c016_073, DEGIT, Dynamics, Economic Growth, and International Trade.

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