Saving Behaviour in Stationary Equilibrium with Random Discounting
AbstractIn this paper we study the implications of random discount rates of future generations for saving behavior and capital holdings in steady-state competitive equilibrium. We examine conditions under which this randomness is sufficient for households other than the most patient to save, thus providing a simple and natural way to overcome a difficulty encountered in deterministic models.
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Bibliographic InfoPaper provided by Tel Aviv in its series Papers with number 29-98.
Length: 21 pages
Date of creation: 1998
Date of revision:
Contact details of provider:
Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.
Web page: http://econ.tau.ac.il/research/foerder.asp
More information through EDIRC
SAVINGS ; GENERAL EQUILIBRIUM ; UNCERTAINTY;
Other versions of this item:
- Edi Karni & Itzhak Zilcha, 2000. "Saving behavior in stationary equilibrium with random discounting," Economic Theory, Springer, vol. 15(3), pages 551-564.
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
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- Higashi, Youichiro & Hyogo, Kazuya & Takeoka, Norio, 2009. "Subjective random discounting and intertemporal choice," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1015-1053, May.
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