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Dynamic Efficiency: Finite Horizons Matter

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Author Info

  • Decreuse, B.

Abstract

This paper qualifies Weil [1989]'s according to which dynamic efficiency may fail when agents are infinitely-lived, but "disconnected" from previous ones. It is shown that finite horizons matter in the following sense: if dynamic inefficiency results when the agents have infinite horizons, then there exists a uniquelifetime expectancy aboce (under) which there is a dynamic inefficiency (efficiency). Expressed differently, horizons have to be sufficiently long for over-accumulation to arise.

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Bibliographic Info

Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number 99a17.

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Length: 10 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:aixmeq:99a17

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Keywords: DYNAMIC ANALYSIS ; GENERATIONS ; SOCIAL WELFARE;

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