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Occupational Choice and Dynamic Indeterminacy

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  • Mino, Kazuo
  • Koji, Shimomura
  • Wang, Ping

Abstract

This paper construct a two-sector model of two-period lived overlapping generations with endogenous occupational choice where ability-heterogeneous agents choose whether to become educated when young and henceforth to become skilled when old. We show that endogenous occupational choice in this two-sector framework can result in dynamic indeterminacy without complicate preferences/technologies and without requiring the consumption-good production to be more capital-intensive.

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File URL: http://mpra.ub.uni-muenchen.de/17063/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17063.

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Date of creation: Nov 2003
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Handle: RePEc:pra:mprapa:17063

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Keywords: occupational choice; overlapping generations; indeterminacy of equilibrium;

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References

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  1. Philippe Michel & Alain Venditti, 1997. "Optimal growth and cycles in overlapping generations models (*)," Economic Theory, Springer, vol. 9(3), pages 511-528.
  2. John Fender & Ping Wang, 2003. "Educational Policy in a Credit Constrained Economy with Skill Heterogeneity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(3), pages 939-964, 08.
  3. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
  4. Benhabib, Jess & Day, Richard H., 1982. "A characterization of erratic dynamics in, the overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 37-55, November.
  5. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
  6. Abhijit V. Banerjee & Andrew F. Newman, 1990. "Occupational Choice and the Process of Development," Discussion Papers 911, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Galor, Oded, 1992. "A Two-Sector Overlapping-Generations Model: A Global Characterization of the Dynamical System," Econometrica, Econometric Society, vol. 60(6), pages 1351-86, November.
  8. Boldrin, Michele, 1992. "Dynamic externalities, multiple equilibria, and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 198-218, December.
  9. Jullien, Bruno, 1988. "Competitive business cycles in an overlapping generations economy with productive investment," Journal of Economic Theory, Elsevier, vol. 46(1), pages 45-65, October.
  10. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
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Cited by:
  1. Maria José Gil-Moltó & Dimitrios Varvarigos, 2013. "Endogenous Market Structure, Occupational Choice, and Growth Cycles," Discussion Papers in Economics 13/05, Department of Economics, University of Leicester.

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