Investment in a Growth Model of Non-Excludable Aggregate Capital
AbstractWe study the effect of investment on the dynamics of aggregate capital when different sectors of the economy compete strategically for the utilization of non-excludable capital to produce both consumption and investment goods. We consider two types of investment goods: complements and substitutes. For each case, we derive the equilibrium and provide the corresponding stationary distribution. We then compare the equilibrium with the social planner’s optimal solution.
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Bibliographic InfoPaper provided by CIRPEE in its series Cahiers de recherche with number 1318.
Date of creation: 2013
Date of revision:
Capital accumulation; dynamic game; growth; investment; non-excludable capital;
Other versions of this item:
- Eric Fesselmeyer & Leonard J. Mirman & Marc Santugini, 2013. "Investment in a Growth Model of Non-Excludable Aggregate Capital," Cahiers de recherche 13-01, HEC Montréal, Institut d'économie appliquée.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D92 - Microeconomics - - Intertemporal Choice - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-31 (All new papers)
- NEP-DGE-2013-08-31 (Dynamic General Equilibrium)
- NEP-FDG-2013-08-31 (Financial Development & Growth)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Brock, William A. & Mirman, Leonard J., 1972. "Optimal economic growth and uncertainty: The discounted case," Journal of Economic Theory, Elsevier, vol. 4(3), pages 479-513, June.
- Leonard J. Mirman & Marc Santugini, 2012. "Learning and Technology Progress in Dynamic Games," Cahiers de recherche 1217, CIRPEE.
- Christos Koulovatianos & Leonard J. Mirman & Marc Santugini, 2007.
"Optimal Growth and Uncertainty: Learning,"
Cahiers de recherche
07-05, HEC Montréal, Institut d'économie appliquée, revised Feb 2008.
- Christos Koulovatianos & Leonard J. Mirman, 2005.
"The Effects of Market Structure on Industry Growth: Rivalrous Non-excludable Capital,"
Vienna Economics Papers
0501, University of Vienna, Department of Economics.
- Koulovatianos, Christos & Mirman, Leonard J., 2007. "The effects of market structure on industry growth: Rivalrous non-excludable capital," Journal of Economic Theory, Elsevier, vol. 133(1), pages 199-218, March.
- Mirman, Leonard J, 1972. "On the Existence of Steady State Measures for One Sector Growth Models with Uncertain Technology," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(2), pages 271-86, June.
- David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 322-334, Spring.
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