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An Experimental Test of an Optimal Growth Model

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  • Lei, V.
  • Noussair, C.

Abstract

This paper describes the behavior of an experimental economy with the structure of the Ramsey-Cass-Koopmans model of optimal growth. In the model, the level of consumption and capital stock converge to an optimal steady state level, regardless of the level of initial endowment. The main question considered in this study is whether such the level of initial endowment.

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Bibliographic Info

Paper provided by Purdue University, Department of Economics in its series Purdue University Economics Working Papers with number 1131.

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Length: 41 pages
Date of creation: Mar 2000
Date of revision:
Handle: RePEc:pur:prukra:1131

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Keywords: ECONOMIC GROWTH ; ECONOMIC MODELS;

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References

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  1. Ernst Fehr & Peter K. Zych, 2003. "Do Addicts Behave Rationally?," Experimental, EconWPA 0305002, EconWPA.
  2. Plott, Charles R. & Gray, Peter, 1990. "The multiple unit double auction," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 13(2), pages 245-258, March.
  3. Noussair, C.N. & Plott, C. & Riezman, R., 1995. "An experimental investigation of the patterns of international trade," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-387775, Tilburg University.
  4. King, Robert G & Rebelo, Sergio T, 1993. "Transitional Dynamics and Economic Growth in the Neoclassical Model," American Economic Review, American Economic Association, American Economic Association, vol. 83(4), pages 908-31, September.
  5. Hey, John D & Dardanoni, Valentino, 1987. "Optimal Consumption under Uncertainty: An Experimental Investigation," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 98(390), pages 105-16, Supplemen.
  6. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 70, pages 322.
  7. Gary Gigliotti & Barry Sopher, 1997. "Violations of Present-Value Maximization in Income Choice," Theory and Decision, Springer, Springer, vol. 43(1), pages 45-69, July.
  8. Cooper, Russell, et al, 1990. "Selection Criteria in Coordination Games: Some Experimental Results," American Economic Review, American Economic Association, American Economic Association, vol. 80(1), pages 218-33, March.
  9. John B Van Huyck & Raymond C Battalio & Richard O Beil, 1997. "Tacit coordination games, strategic uncertainty, and coordination failure," Levine's Working Paper Archive 1225, David K. Levine.
  10. Noussair, C. & Matheny, K. & Olson, M., 1998. "An Experimental Study of Decisions in Dynamic Optimization Problems," Purdue University Economics Working Papers, Purdue University, Department of Economics 1110, Purdue University, Department of Economics.
  11. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 163, Cowles Foundation for Research in Economics, Yale University.
  12. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 6(2), pages 117-136, Spring.
  13. John Duffy, 1998. "Monetary theory in the laboratory," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Sep, pages 9-26.
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Citations

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Cited by:
  1. Vivian Lei & Charles N. Noussair, 2007. "Equilibrium Selection in an Experimental Macroeconomy," Southern Economic Journal, Southern Economic Association, Southern Economic Association, vol. 74(2), pages 448-482, October.
  2. Roberto Ricciuti, 2003. "Bringing Macroeconomics into the Lab," Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London 03/9, Department of Economics, Royal Holloway University of London, revised Dec 2003.
  3. C. Monica Capra & Tomomi Tanaka & Colin Camerer & Lauren Munyan & Veronica Sovero & Lisa Wang & Charles Noussair, 2005. "The Impact of Simple Institutions in Experimental Economies with Poverty Traps," Emory Economics, Department of Economics, Emory University (Atlanta) 0508, Department of Economics, Emory University (Atlanta).
  4. Katerina Sherstyuk & Nori Tarui & Tatsuyoshi Saijo, 2011. "Payment Schemes in Infinite-Horizon Experimental Games," Working Papers, University of Hawaii at Manoa, Department of Economics 201118, University of Hawaii at Manoa, Department of Economics.
  5. Wolfgang Luhan & Johann Scharler, 2013. "Monetary Policy, Inflation Illusion and the Taylor Principle: An Experimental Study," Working Papers, Faculty of Economics and Statistics, University of Innsbruck 2013-03, Faculty of Economics and Statistics, University of Innsbruck.
  6. C. Monica Capra & Tomomi Tanaka, 2006. "Communication and the Extraction of Natural Renewable Resources with Threshold Externalities," Emory Economics, Department of Economics, Emory University (Atlanta) 0602, Department of Economics, Emory University (Atlanta).
  7. Ferruccio Ponzano & Roberto Ricciuti, 2012. "An Experimental AK Model of Growth," CESifo Working Paper Series, CESifo Group Munich 3744, CESifo Group Munich.
  8. Orland, Andreas & Roos, Michael W.M., 2013. "The New Keynesian Phillips curve with myopic agents," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 37(11), pages 2270-2286.
  9. John Duffy, 2008. "Macroeconomics: A Survey of Laboratory Research," Working Papers, University of Pittsburgh, Department of Economics 334, University of Pittsburgh, Department of Economics, revised Jun 2014.

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