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Dynamic Efficiency: Finite Horizons Matter

Author

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  • 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.

Suggested Citation

  • Decreuse, B., 1999. "Dynamic Efficiency: Finite Horizons Matter," G.R.E.Q.A.M. 99a17, Universite Aix-Marseille III.
    • Handle: RePEc:fth:aixmeq:99a17
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    More about this item

    Keywords

    DYNAMIC ANALYSIS ; GENERATIONS ; SOCIAL WELFARE;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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