IDEAS home Printed from https://ideas.repec.org/p/aub/autbar/875.11.html
   My bibliography  Save this paper

Vintage capital growth theory: Three breakthroughs

Author

Listed:
  • Raouf Boucekkine
  • David de la Croix
  • Omar Licandro

Abstract

Vintage capital growth models have been at the heart of growth theory in the 60s. This research line collapsed in the late 60s with the so-called embodiment controversy and the technical sophisitication of the vintage models. This paper analyzes the astonishing revival of this literature in the 90s. In particular, it outlines three methodological breakthroughs explaining this resurgence: a growth accounting revolution, taking advantage of the availability of new time series, an optimal control revolution allowing to safely study vintage capital optimal growth models, and a vintage human capital revolution, along with the rise of economic demography, accounting for the vintage structure of human capital similarly to physical capital age structuring. The related literature is surveyed.

Suggested Citation

  • Raouf Boucekkine & David de la Croix & Omar Licandro, 2011. "Vintage capital growth theory: Three breakthroughs," UFAE and IAE Working Papers 875.11, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    • Handle: RePEc:aub:autbar:875.11
    as

    Download full text from publisher

    File URL: http://pareto.uab.es/wp/2011/87511.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Raouf Boucekkine & David Croix & Omar Licandro, 2004. "MODELLING VINTAGE STRUCTURES WITH DDEs: PRINCIPLES AND APPLICATIONS," Mathematical Population Studies, Taylor & Francis Journals, vol. 11(3-4), pages 151-179.
    2. Hulten, Charles R, 1992. "Growth Accounting When Technical Change Is Embodied in Capital," American Economic Review, American Economic Association, vol. 82(4), pages 964-980, September.
    3. Boucekkine, R. & Fabbri, G. & Gozzi, F., 2010. "Maintenance and investment: Complements or substitutes? A reappraisal," Journal of Economic Dynamics and Control, Elsevier, vol. 34(12), pages 2420-2439, December.
    4. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
    5. Malcomson, James M., 1975. "Replacement and the rental value of capital equipment subject to obsolescence," Journal of Economic Theory, Elsevier, vol. 10(1), pages 24-41, February.
    6. Raouf Boucekkine & Fernando Del Río & Omar Licandro, 2003. "Embodied Technological Change, Learning‐by‐doing and the Productivity Slowdown," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(1), pages 87-98, March.
    7. repec:ucp:bknber:9780226304557 is not listed on IDEAS
    8. Raouf Boucekkine & David de la Croix & Omar Licandro, 2003. "Early Mortality Declines at the Dawn of Modern Growth," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(3), pages 401-418, September.
    9. N. Hritonenko & Yu. Yatsenko, 2005. "Turnpike and Optimal Trajectories in Integral Dynamic Models with Endogenous Delay," Journal of Optimization Theory and Applications, Springer, vol. 127(1), pages 109-127, October.
    10. Boucekkine, Raouf & Germain, Marc & Licandro, Omar, 1997. "Replacement Echoes in the Vintage Capital Growth Model," Journal of Economic Theory, Elsevier, vol. 74(2), pages 333-348, June.
    11. Boucekkine, Raouf & Licandro, Omar & Paul, Christopher, 1997. "Differential-difference equations in economics: On the numerical solution of vintage capital growth models," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 347-362.
    12. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Capital accumulation under technological progress and learning: A vintage capital approach," European Journal of Operational Research, Elsevier, vol. 172(1), pages 293-310, July.
    13. Hart, Rob, 2004. "Growth, environment and innovation--a model with production vintages and environmentally oriented research," Journal of Environmental Economics and Management, Elsevier, vol. 48(3), pages 1078-1098, November.
    14. Boucekkine, Raouf & Germain, Marc & Licandro, Omar & Magnus, Alphonse, 1998. "Creative Destruction, Investment Volatility, and the Average Age of Capital," Journal of Economic Growth, Springer, vol. 3(4), pages 361-384, December.
    15. Raouf Boucekkine & David de la Croix & Dominique Peeters, 2007. "Early Literacy Achievements, Population Density, and the Transition to Modern Growth," Journal of the European Economic Association, MIT Press, vol. 5(1), pages 183-226, March.
    16. Raouf Boucekkine & David de la Croix & Omar Licandro, 2006. "Vintage Capital," Economics Working Papers ECO2006/8, European University Institute.
    17. Boucekkine, Raouf & Hritonenko, Natali & Yatsenko, Yuri, 2011. "Scarcity, regulation and endogenous technical progress," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 186-199, March.
    18. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2005. "Environmental policy, the porter hypothesis and the composition of capital: Effects of learning and technological progress," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 434-446, September.
    19. de la Croix, David & Licandro, Omar, 1999. "Life expectancy and endogenous growth," Economics Letters, Elsevier, vol. 65(2), pages 255-263, November.
    20. Greenwood, Jeremy & Yorukoglu, Mehmet, 1997. "1974," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 46(1), pages 49-95, June.
      • Greenwood, J. & Yorukoglu, M., 1996. "1974," RCER Working Papers 429, University of Rochester - Center for Economic Research (RCER).
    21. Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 2005. "Obsolescence and modernization in the growth process," Journal of Development Economics, Elsevier, vol. 77(1), pages 153-171, June.
    22. Faggian, Silvia & Gozzi, Fausto, 2010. "Optimal investment models with vintage capital: Dynamic programming approach," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 416-437, July.
    23. Edmund S. Phelps, 1962. "The New View of Investment: A Neoclassical Analysis," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 76(4), pages 548-567.
    24. Hazan, Moshe & Zoabi, Hosny, 2005. "Does Longevity Cause Growth?," CEPR Discussion Papers 4931, C.E.P.R. Discussion Papers.
    25. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-362, June.
    26. Moshe Hazan & Hosny Zoabi, 2006. "Does longevity cause growth? A theoretical critique," Journal of Economic Growth, Springer, vol. 11(4), pages 363-376, December.
    27. repec:fth:starer:9816 is not listed on IDEAS
    28. Michael Gort & Jeremy Greenwood & Peter Rupert, 1999. "Measuring the Rate of Technological Progress in Structures," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 207-230, January.
    29. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
    30. Boucekkine, Raouf & Licandro, Omar & Puch, Luis A. & del Rio, Fernando, 2005. "Vintage capital and the dynamics of the AK model," Journal of Economic Theory, Elsevier, vol. 120(1), pages 39-72, January.
    31. David N. Weil & Oded Galor, 1999. "From Malthusian Stagnation to Modern Growth," American Economic Review, American Economic Association, vol. 89(2), pages 150-154, May.
    32. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April.
    33. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1.
    34. Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2002. "Vintage Human Capital, Demographic Trends, and Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 104(2), pages 340-375, June.
    35. Jeremy Greenwood & Boyan Jovanovic, 2001. "Accounting for Growth," NBER Chapters, in: New Developments in Productivity Analysis, pages 179-224, National Bureau of Economic Research, Inc.
    36. Yoram Ben-Porath, 1967. "The Production of Human Capital and the Life Cycle of Earnings," Journal of Political Economy, University of Chicago Press, vol. 75(4), pages 352-352.
    37. David de la Croix & Thomas Lindh & Bo Malmberg, 2008. "Swedish economic growth and education since 1800," Canadian Journal of Economics, Canadian Economics Association, vol. 41(1), pages 166-185, February.
    38. John Haltiwanger & Russell Cooper & Laura Power, 1999. "Machine Replacement and the Business Cycle: Lumps and Bumps," American Economic Review, American Economic Association, vol. 89(4), pages 921-946, September.
    39. Benhabib, Jess & Rustichini, Aldo, 1991. "Vintage capital, investment, and growth," Journal of Economic Theory, Elsevier, vol. 55(2), pages 323-339, December.
    40. Cooley, Thomas F. & Greenwood, Jeremy & Yorukoglu, Mehmet, 1997. "The replacement problem," Journal of Monetary Economics, Elsevier, vol. 40(3), pages 457-499, December.
    41. Allen Kelley & Robert Schmidt, 1995. "Aggregate population and economic growth correlations: The role of the components of demographic change," Demography, Springer;Population Association of America (PAA), vol. 32(4), pages 543-555, November.
    42. Karl Whelan, 2002. "Computers, Obsolescence, And Productivity," The Review of Economics and Statistics, MIT Press, vol. 84(3), pages 445-461, August.
    43. Dale W. Jorgenson, 1966. "The Embodiment Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 74(1), pages 1-1.
    44. Richard Zeckhauser, 1968. "Optimality in a World of Progress and Learning," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(3), pages 363-365.
    45. Simon Gilchrist & John C. Williams, 2000. "Putty-Clay and Investment: A Business Cycle Analysis," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 928-960, October.
    46. Moshe Hazan, 2009. "Longevity and Lifetime Labor Supply: Evidence and Implications," Econometrica, Econometric Society, vol. 77(6), pages 1829-1863, November.
    47. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Anticipation effects of technological progress on capital accumulation: a vintage capital approach," Journal of Economic Theory, Elsevier, vol. 126(1), pages 143-164, January.
    48. Fabbri, Giorgio & Gozzi, Fausto, 2008. "Solving optimal growth models with vintage capital: The dynamic programming approach," Journal of Economic Theory, Elsevier, vol. 143(1), pages 331-373, November.
    49. Kelley, Allen C. & Schmidt, Robert M., 1995. "Aggregate Population and Economic Growth Correlations: The Role of the Components of Demographic Change," Working Papers 95-37, Duke University, Department of Economics.
    50. R. M. Solow & J. Tobin & C. C. Weizsäcker & M. Yaari, 1971. "Neoclassical Growth with Fixed Factor Proportions," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 9, pages 68-102, Palgrave Macmillan.
    51. Boyan Jovanovic, 1998. "Vintage Capital and Inequality," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 497-530, April.
    52. David de la CROIX, 2014. "Economic Growth," LIDAM Discussion Papers IRES 2014019, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    53. Sattinger, Michael, 1975. "Comparative Advantage and the Distributions of Earnings and Abilities," Econometrica, Econometric Society, vol. 43(3), pages 455-468, May.
    54. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1142-1165, December.
    55. repec:cor:louvrp:-1376 is not listed on IDEAS
    56. Azariadis, Costas & Bullard, James & Ohanian, Lee, 2004. "Trend-reverting fluctuations in the life-cycle model," Journal of Economic Theory, Elsevier, vol. 119(2), pages 334-356, December.
    57. Hercowitz, Zvi, 1998. "The 'embodiment' controversy: A review essay," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 217-224, February.
    58. Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
    59. repec:cor:louvrp:-1758 is not listed on IDEAS
    60. E. Sheshinski, 1967. "Balanced Growth and Stability in the Johansen Vintage Model," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(2), pages 239-248.
    61. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Schröder, Philipp J.H. & Sørensen, Allan, 2012. "Firm exit, technological progress and trade," European Economic Review, Elsevier, vol. 56(3), pages 579-591.
    2. Fabbri, Giorgio & Faggian, Silvia & Freni, Giuseppe, 2015. "On the Mitra–Wan forest management problem in continuous time," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1001-1040.
    3. Raouf Boucekkine & Bruno de Oliveira Cruz, 2015. "Technological Progress and Investment: A Non-Technical Survey," Working Papers halshs-01145485, HAL.
    4. Roberto M. Samaniego & Juliana Yu Sun, 2022. "The Embodiment Controversy: On the Policy Implications of Vintage Capital Models," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(5), pages 1175-1222, August.
    5. Fouad El Ouardighi & Konstantin Kogan & Raouf Boucekkine, 2017. "Optimal recycling under heterogeneous waste sources and the environmental Kuznets curve," Working Papers hal-01693488, HAL.
    6. David, Paul & Van Zon, Adriaan, 2012. "Optimal multi-phase transition paths toward a global green economy," MERIT Working Papers 2012-079, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    7. Giuliana Battisti & Paul Stoneman, 2019. "Defining and Measuring the Innovativeness of Firms," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2019-19, Economic Statistics Centre of Excellence (ESCoE).
    8. Michael Grubb & Jean-Francois Mercure & Pablo Salas & Rutger-Jan Lange & Ida Sognnaes, 2018. "Systems Innovation, Inertia and Pliability: A mathematical exploration with implications for climate change abatement," Working Papers EPRG 1808, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    9. Alessandro Mistretta & Francesco Zollino, 2021. "Recent Trends in Economic Activity and TFP in Italy with a Focus on Embodied Technical Progress," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 7(1), pages 79-107, March.
    10. Wojciech Szewczyk & Anna Sabadash, 2013. "Macroeconomic Modelling of Public Expenditures on Research and Development in Information and Communication Technologies," JRC Research Reports JRC82943, Joint Research Centre.
    11. Jean-François Mercure, 2015. "An age structured demographic theory of technological change," Journal of Evolutionary Economics, Springer, vol. 25(4), pages 787-820, September.
    12. Mauro Bambi & Cristina Girolami & Salvatore Federico & Fausto Gozzi, 2017. "Generically distributed investments on flexible projects and endogenous growth," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(2), pages 521-558, February.
    13. Martino Pelli & Jeanne Tschopp & Natalia Bezmaternykh & Kodjovi M Eklou, 2019. "In the Eye of the Storm: Firms and Capital Destruction in India," Cahiers de recherche 11-2019, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    14. Mauro Bambi & Cristina Di Girolami & Salvatore Federico & Fausto Gozzi, 2014. "On the Consequences of Generically Distributed Investments on Flexible Projects in an Endogenous Growth Model," Discussion Papers 14/15, Department of Economics, University of York.
    15. Martino Pelli & Jeanne Tschopp & Natalia Bezmaternykh & Kodjovi M Eklou, 2020. "In the Eye of the Storm: Firms, Putty-Clay and Capital Destruction," Diskussionsschriften dp2012, Universitaet Bern, Departement Volkswirtschaft.
    16. Bichescu, Bogdan & Raturi, Amitabh, 2015. "The antecedents and consequences of plant closing announcements," International Journal of Production Economics, Elsevier, vol. 168(C), pages 197-210.
    17. Katharina Niemeyer, 2015. "A theoretical approach to vintage, from oenology to media » ["Une approche théorique du vintage, de l’œnologie aux médias]," Post-Print hal-01520670, HAL.
    18. Jackson, Andrew & Jackson, Tim, 2021. "Modelling energy transition risk: The impact of declining energy return on investment (EROI)," Ecological Economics, Elsevier, vol. 185(C).
    19. Joye Khoo & Adrian (Wai Kong) Cheung, 2024. "Vintage capital and trade credit," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 507-537, March.
    20. Alessandro Mistretta & Francesco Zollino, 0. "Recent Trends in Economic Activity and TFP in Italy with a Focus on Embodied Technical Progress," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 0, pages 1-29.
    21. Ennio Stacchetti & Dmitriy Stolyarov, 2015. "Obsolescence of Durable Goods and Optimal Purchase Timing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(4), pages 752-773, October.
    22. Zon, Adriaan van, 2016. "On the optimum timing of the global carbon-transition under conditions of extreme weather-related damages: further green paradoxical results," MERIT Working Papers 2016-010, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Raouf Boucekkine & David Croix & Omar Licandro, 2004. "MODELLING VINTAGE STRUCTURES WITH DDEs: PRINCIPLES AND APPLICATIONS," Mathematical Population Studies, Taylor & Francis Journals, vol. 11(3-4), pages 151-179.
    2. Kredler, Matthias, 2014. "Vintage human capital and learning curves," Journal of Economic Dynamics and Control, Elsevier, vol. 40(C), pages 154-178.
    3. BOUCEKKINE, Raouf & DE LA CROIX, David & LICANDRO, Omar, 2006. "Vintage capital," LIDAM Discussion Papers CORE 2006024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Cagri Saglam & Vladimir M. Veliov, 2008. "Role of Endogenous Vintage Specific Depreciation in the Optimal Behavior of Firms," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(3), pages 381-410, September.
    5. George Bitros, 2010. "The theorem of proportionality in contemporary capital theory: An assessment of its conceptual foundations," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(4), pages 367-401, December.
    6. Gamboa, Franklin & Maldonado, Wilfredo Leiva, 2014. "Feasibility and optimality of the initial capital stock in the Ramsey vintage capital model," Journal of Mathematical Economics, Elsevier, vol. 52(C), pages 40-45.
    7. Ulrich Brandt-Pollmann & Ralph Winkler & Sebastian Sager & Ulf Moslener & Johannes Schlöder, 2008. "Numerical Solution of Optimal Control Problems with Constant Control Delays," Computational Economics, Springer;Society for Computational Economics, vol. 31(2), pages 181-206, March.
    8. Stephen L. Parente, 2000. "Learning-by-Using and the Switch to Better Machines," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 675-703, October.
    9. Jeremy Greenwood & Boyan Jovanovic, 2001. "Accounting for Growth," NBER Chapters, in: New Developments in Productivity Analysis, pages 179-224, National Bureau of Economic Research, Inc.
    10. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Capital accumulation under technological progress and learning: A vintage capital approach," European Journal of Operational Research, Elsevier, vol. 172(1), pages 293-310, July.
    11. Boucekkine, Raouf & Hritonenko, Natali & Yatsenko, Yuri, 2011. "Scarcity, regulation and endogenous technical progress," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 186-199, March.
    12. David de la Croix, 2010. "Adult Longevity and Economic Take-off from Malthus to Ben-Porath," Chapters, in: Neri Salvadori (ed.), Institutional and Social Dynamics of Growth and Distribution, chapter 8, Edward Elgar Publishing.
    13. Fabrice Collard & Omar Licandro, 2020. "The neoclassical model and the welfare costs of selection," Discussion Papers 2020/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    14. David de la Croix & Omar Licandro, 2013. "The Child is Father Of the Man: Implications for the Demographic Transition," Economic Journal, Royal Economic Society, vol. 123(567), pages 236-261, March.
    15. Boyan Jovanovic, 1998. "Vintage Capital and Inequality," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 497-530, April.
    16. Raouf Boucekkine & Giorgio Fabbri & Patrick-Antoine Pintus, 2011. "On the optimal control of a linear neutral differential equation arising in economics," Working Papers halshs-00576770, HAL.
    17. Jorge Duran & Omar Licandro, 2015. "Is the output growth rate in NIPA a welfare measure?," Discussion Papers 2015/18, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    18. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Anticipation effects of technological progress on capital accumulation: a vintage capital approach," Journal of Economic Theory, Elsevier, vol. 126(1), pages 143-164, January.
    19. repec:cvs:starer:9816 is not listed on IDEAS
    20. repec:fth:starer:9816 is not listed on IDEAS
    21. Kuhn, Michael & Prettner, Klaus, 2016. "Growth and welfare effects of health care in knowledge-based economies," Journal of Health Economics, Elsevier, vol. 46(C), pages 100-119.
    22. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2008. "Financially constrained capital investments: The effects of disembodied and embodied technological progress," Journal of Mathematical Economics, Elsevier, vol. 44(5-6), pages 459-483, April.

    More about this item

    Keywords

    Vintage capital; embodied technical progress; growth accounting; optimal control; endogenous growth; vintage human capital; demography.;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aub:autbar:875.11. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Xavier Vila (email available below). General contact details of provider: https://edirc.repec.org/data/ufuabes.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.