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Markov Perfect Equilibria in the Ramsey Model

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Author Info
Paul Pichler ()
Gerhard Sorger ()

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Abstract

We study the Ramsey (1928) model under the assumption that households act strategically. We compute the Markov perfect equilib- rium for this model and compare it to the original, competitive equi- librium and to a strategic open-loop equilibrium proposed by Sorger (2002, 2005b). We show that, if households are identical, strategic behavior has no in°uence on the long run evolution of the economy. If households are heterogeneous, however, the Markov perfect equilib- rium has properties that di®er from those of the competitive and the open-loop equilibrium.

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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0610.

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Date of creation: Oct 2006
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Handle: RePEc:vie:viennp:0610

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Related research
Keywords: Ramsey model strate

Find related papers by JEL classification:
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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References listed on IDEAS
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  1. Judd, Kenneth L., 1992. "Projection methods for solving aggregate growth models," Journal of Economic Theory, Elsevier, vol. 58(2), pages 410-452, December. [Downloadable!] (restricted)
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  2. Sorger, Gerhard, 2002. "On the Long-Run Distribution of Capital in the Ramsey Model," Journal of Economic Theory, Elsevier, vol. 105(1), pages 226-243, July. [Downloadable!] (restricted)
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This page was last updated on 2008-8-18.

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