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Socially determined time preference in discrete time Author info | Abstract | Publisher info | Download info | Related research | Statistics Gomes, Orlando
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The aim of the paper is to develop a discrete time version of a one-sector optimal growth model with endogenous time preference. The intertemporal discount rate is determined by social factors (i.e., factors that are external to the individual agent), namely the economy wide levels of consumption and income. In continuous time, the combined effect of the previous factors is known to eventually produce local indeterminacy, instead of the well known saddle-path equilibrium of the standard Ramsey model. In discrete time, the possibility of local indeterminacy is explored under several types of Ramsey models with endogenous time preference: neo-classical and endogenous growth models, and models with production externalities and endogenous labor supply. Besides finding various possibilities regarding local dynamics, we also find that one of the models can give place to endogenous fluctuations, although this occurs only under rather exceptional circumstances.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
3442.
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Date of creation: Jun 2007Date of revision:
Handle: RePEc:pra:mprapa:3442Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany Phone: +49-(0)89-2180-2219 Fax: +49-(0)89-2180-3900 Web page: http://mpra.ub.uni-muenchen.de More information through EDIRC
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Keywords: Endogenous time preference Growth models Stability analysis Technological externalities Endogenous labor supply. Find related papers by JEL classification: C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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