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Endogenous technological change with leisure-dependent utility

Author

Listed:
  • Paul A. de Hek

    (Erasmus University Rotterdam, P.O.Box 1738, NL-3000 DR Rotterdam, THE NETHERLANDS)

Abstract

This paper investigates the effect of introducing leisure-dependent utility into two models of endogenous technological change. Due to the flexibility in the labour supply the dynamics of the models change significantly. It is shown that if agents attach enough value to leisure in comparison to consumption two balanced growth paths may exist. This implies that economies with the same preferences and the same technology may experience different long-run growth rates.

Suggested Citation

  • Paul A. de Hek, 1999. "Endogenous technological change with leisure-dependent utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(3), pages 669-684.
    • Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:669-684
    Note: Received: October 17, 1997; revised version: January 6, 1999
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    Citations

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    Cited by:

    1. Palmon, Oded & Bar-Yosef, Sasson & Chen, Ren-Raw & Venezia, Itzhak, 2008. "Optimal strike prices of stock options for effort-averse executives," Journal of Banking & Finance, Elsevier, vol. 32(2), pages 229-239, February.
    2. de Hek, Paul A., 2006. "On taxation in a two-sector endogenous growth model with endogenous labor supply," Journal of Economic Dynamics and Control, Elsevier, vol. 30(4), pages 655-685, April.
    3. Ghiglino, Christian & Sorger, Gerhard, 2002. "Poverty Traps, Indeterminacy, and the Wealth Distribution," Journal of Economic Theory, Elsevier, vol. 105(1), pages 120-139, July.

    More about this item

    Keywords

    Endogenous technological change; Leisure-dependent utility; Multiple equilibria.;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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