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Multiplicity of Dynamic Equilibria and Global Efficiency

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Author Info
Giancarlo Marini () (University of Rome II - Faculty of Economics)
Pietro Senesi () (University of Rome II - Faculty of Economics)

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Abstract

Within a one-sector, infinite-horizon representative agent model with technological externalities and a convex-concave production function, this paper derives a capital subsidy policy that simultaneously eliminates the wedge between private and social marginal products of capital, and achieves a globally efficient allocation.

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Publisher Info
Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number 57.

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Length: 13
Date of creation: 10 Jun 2004
Date of revision:
Handle: RePEc:rtv:ceisrp:57

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Postal: CEIS - Centre for Economic and International Studies - Faculty of Economics - University of Rome "Tor Vergata" - Via Columbia, 2 00133 Roma
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Web: http://www.ceistorvergata.it

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Related research
Keywords: nonconvexities; technological externalities; dynamic equilibrium allocations;

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D62 - Microeconomics - - Welfare Economics - - - Externalities
H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation

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    Other versions:
  2. Durlauf, Steven N, 1993. "Nonergodic Economic Growth," Review of Economic Studies, Blackwell Publishing, vol. 60(2), pages 349-66, April. [Downloadable!] (restricted)
    Other versions:
  3. M Ali Khan & Kali P Rath & Yeneng Sun, 1994. "On the Existence of Pure Strategy Equilibria in Games with a Continuum of Players," Economics Working Paper Archive 381, The Johns Hopkins University,Department of Economics, revised Feb 1997.
    Other versions:
  4. Cooper, Russell & John, Andrew, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 441-63, August. [Downloadable!] (restricted)
  5. Nishimura, Kazuo & Venditti, Alain, 2002. "Intersectoral Externalities and Indeterminacy," Journal of Economic Theory, Elsevier, vol. 105(1), pages 140-157, July. [Downloadable!] (restricted)
  6. Benhabib, Jess & Farmer, Roger E A, 1996. "Indeterminacy and Sector-specific Externalities," CEPR Discussion Papers 1403, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Kiminori Matsuyama, 1995. "Complementarities and Cumulative Processes in Models of Monopolistic Competition," Journal of Economic Literature, American Economic Association, vol. 33(2), pages 701-729, June. [Downloadable!] (restricted)
    Other versions:
  8. Skiba, A K, 1978. "Optimal Growth with a Convex-Concave Production Function," Econometrica, Econometric Society, vol. 46(3), pages 527-39, May. [Downloadable!] (restricted)
  9. Benhabib, Jess & Rustichini, Aldo, 1996. " Social Conflict and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 125-42, March.
  10. Benhabib Jess & Rustichini Aldo, 1994. "Introduction to the Symposium on Growth, Fluctuations, and Sunspots: Confronting the Data," Journal of Economic Theory, Elsevier, vol. 63(1), pages 1-18, June. [Downloadable!] (restricted)
  11. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May. [Downloadable!] (restricted)
  12. Antonio Ciccone & Kiminori Matsuyama, 1999. "Efficiency and Equilibrium with Dynamic Increasing Aggregate Returns Due to Demand Complementarities," Econometrica, Econometric Society, vol. 67(3), pages 499-526, May.
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  13. Judd, Kenneth L., 1999. "Optimal taxation and spending in general competitive growth models," Journal of Public Economics, Elsevier, vol. 71(1), pages 1-26, January. [Downloadable!] (restricted)
  14. Timothy J. Kehoe & David K. Levine & Paul Romer, 1992. "On Characterizing Equilibria of Models with Externalities and Taxes as Solutions to Optimization Problems," Levine's Working Paper Archive 124, David K. Levine. [Downloadable!]
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