Preference variations in the AK model
The paper shows that the AK model can be solved analytically for Stone-Geary, exponential, and quadratic preferences and that it does not in general exhibit a steady-state solution for Stone-Geary and exponential preferences. The paper also examines preferences in which capital and the change of capital enter into utility (this is especially realistic for human capital). The inclusion of capital in utility typically increases growth, while the presence of disutility from capital investment leads to lower growth.
Volume (Year): 11 (2004)
Issue (Month): 20 ()
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