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Equilibrium and Competitive Equilibrium in a Discrete-Time Lucas Model

Author

Listed:
  • Pascal Gourdel

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Liem Hoang Ngoc

    (MATISSE - UMR 8595 - Modélisation Appliquée, Trajectoires Institutionnelles et Stratégies Socio-Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Cuong Le Van

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Tédié Mazamba

    (UP2 - Université Panthéon-Assas)

Abstract

In this paper, we study a discrete-time version of the Lucas model with externality but without physical capital. We give conditions for which the optimal human capital sequences are increasing. When the instantaneous utility function is isoelastic and the production function is Cobb-Douglas, we prove that the optimal human capital sequences grow at constant rate. Moreover, there exists a unique equilibrium which, under an additional assumption on the human capital technology, is also the unique competitive equilibrium.

Suggested Citation

  • Pascal Gourdel & Liem Hoang Ngoc & Cuong Le Van & Tédié Mazamba, 2004. "Equilibrium and Competitive Equilibrium in a Discrete-Time Lucas Model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00119011, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00119011
    DOI: 10.1080/1023619042000193658
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    Cited by:

    1. Bosi, Stefano & Camacho, Carmen & Ha-Huy, Thai, 2023. "Balanced growth and degrowth with human capital," Economics Letters, Elsevier, vol. 232(C).
    2. Marius Valentin Boldea, 2006. "On the equilibrium in a discrete-time Lucas Model with endogenous leisure," Cahiers de la Maison des Sciences Economiques b06054, Université Panthéon-Sorbonne (Paris 1).
    3. Marrero, Gustavo A., 2008. "Revisiting The Optimal Stationary Public Investment Policy In Endogenous Growth Economies," Macroeconomic Dynamics, Cambridge University Press, vol. 12(2), pages 172-194, April.
    4. Jean-Michel Grandmont, 2013. "Tribute to Cuong Le Van," International Journal of Economic Theory, The International Society for Economic Theory, vol. 9(1), pages 5-10, March.
    5. Marius Valentin Boldea, 2006. "On the equilibrium in a discrete-time Lucas Model," Post-Print halshs-00118829, HAL.

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