Dynamic Efficiency: Finite Horizons Matter
AbstractThis paper qualifies Weil '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 InfoPaper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number 99a17.
Length: 10 pages
Date of creation: 1999
Date of revision:
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Postal: G.R.E.Q.A.M., (GROUPE DE RECHERCHE EN ECONOMIE QUANTITATIVE D'AIX MARSEILLE), CENTRE DE VIEILLE CHARITE, 2 RUE DE LA CHARITE, 13002 MARSEILLE.
Web page: http://www.greqam.fr/
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DYNAMIC ANALYSIS ; GENERATIONS ; SOCIAL WELFARE;
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