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Interest in Private Assets and the Voracity Effect

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  • Yohei Tenryu

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    (Graduate School of Economics, Kyoto University)

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    Abstract

    Using a differential game, we analyze a multiple agent economy in which there are common and private capital stocks. Each interest group can access the common capital and its own private capital stocks but not anyone else's private capital stocks. Considering the situation in which each interest group can observe and has interest in the opponents' private capital stocks, we show the following. The capital stocks have a negative effect on the consumption of each agent. The growth rate of the common capital does not depend on the technology level of the common sector; that is there is no voracity effect. Each agent's welfare is always lower than it is in the case that each agent has no interest in the opponents' private capital stocks.

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    File URL: http://www.kier.kyoto-u.ac.jp/DP/DP850.pdf
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    Bibliographic Info

    Paper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 850.

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    Length: 20pages
    Date of creation: Feb 2013
    Date of revision:
    Handle: RePEc:kyo:wpaper:850

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    Related research

    Keywords: differential game; Markov-perfect equilibrium; the voracity effect;

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    References

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    1. Akihisa Shibata, 2002. "Strategic Interactions in a Growth Model with Infrastructure Capital," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 434-460, November.
    2. Strulik, Holger, 2012. "Poverty, voracity, and growth," Journal of Development Economics, Elsevier, vol. 97(2), pages 396-403.
    3. Tornell, Aaron, 1999. "Voracity and growth in discrete time," Economics Letters, Elsevier, vol. 62(1), pages 139-145, January.
    4. Reynolds, Stanley S., 1991. "Dynamic oligopoly with capacity adjustment costs," Journal of Economic Dynamics and Control, Elsevier, vol. 15(3), pages 491-514, July.
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    Cited by:
    1. Tenryu, Yohei, 2013. "The Role of the Private Sector under Insecure Property Rights," MPRA Paper 50727, University Library of Munich, Germany.

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