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Voracity, growth and welfare

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  • Kenji Fujiwara

    ()
    (Kwansei Gakuin University)

Abstract

This paper explores some implications of the comparison between feedback Nash and Stackelberg equilibria for growth and welfare in a `voracity' model. We show that as compared to the Nash equilibrium, the Stackelberg equilibrium involves a lower growth rate while it leaves both the leaders and the followers better o , i.e., the Stackelberg equilibrium is Pareto superior to the Nash equilibrium.

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File URL: http://192.218.163.163/RePEc/pdf/kgdp77.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 77.

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Length: 11 pages
Date of creation: Sep 2011
Date of revision: Sep 2011
Handle: RePEc:kgu:wpaper:77

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Keywords: Dynamic game; Growth; Welfare; Feedback Nash equilibrium; Feedback Stackelberg equilibrium;

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  1. Elsa V. Artadi & Xavier Sala-i-Martín, 2003. "The economic tragedy of the XXth Century: Growth in Africa," Economics Working Papers 684, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Xavier Sala-i-Martin & Elsa V. Artadi, 2002. "Economic growth and investment in the Arab world," Discussion Papers 0203-08, Columbia University, Department of Economics.
  3. Dockner, Engelbert J. & Nishimura, Kazuo, 2005. "Capital accumulation games with a non-concave production function," Journal of Economic Behavior & Organization, Elsevier, vol. 57(4), pages 408-420, August.
  4. Akihisa Shibata, 2002. "Strategic Interactions in a Growth Model with Infrastructure Capital," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 434-460, November.
  5. Mino, Kazuo, 2006. "Voracity vs. scale effect in a growing economy without secure property rights," Economics Letters, Elsevier, vol. 93(2), pages 278-284, November.
  6. Plumper, Thomas & Martin, Christian W, 2003. " Democracy, Government Spending, and Economic Growth: A Political-Economic Explanation of the Barro-Effect," Public Choice, Springer, vol. 117(1-2), pages 27-50, October.
  7. Robert J. Barro, 2003. "Determinants of Economic Growth in a Panel of Countries," CEMA Working Papers 505, China Economics and Management Academy, Central University of Finance and Economics.
  8. Tornell, Aaron, 1999. "Voracity and growth in discrete time," Economics Letters, Elsevier, vol. 62(1), pages 139-145, January.
  9. Robert J. Barro & Rachel McCleary, 2003. "Religion and Economic Growth," NBER Working Papers 9682, National Bureau of Economic Research, Inc.
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