On the Impatience Foundations of Long-run Heterogeneity
AbstractThis article is aimed at the reconsideration of Ramsey long-run distribution concerns, i.e., the so-called impatience problem, when consumption paths display homothetic growth. Is it possible for heterogeneous agents to survive in the course of an equilibrium characterised by a common growth rate in spite of their dissimilarity ? For a two consumers environment, it is first recalled that it is only under an implausible knife-edge condition that involves individuals preferences plus techological parameters that a separable representation with an invariant rate of impatience can allow for positive consumption growth rates for both agents.
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Bibliographic InfoPaper provided by UniversitÃ© PanthÃ©on-Sorbonne (Paris 1) in its series Papiers d'Economie MathÃ©matique et Applications with number 2000.123.
Length: 20 pages
Date of creation: 2000
Date of revision:
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DISTRIBUTION ; CONSUMPTION ; GROWTH RATE;
Find related papers by JEL classification:
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- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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