The Financing of a Public Utility
The interaction of capital stock with overlapping generations is investigated where the time structures of human capital and other physical capital does not match. We consider the economies with either gold or fiat as the outside money and consider the financing problems that appear in the financing of capital stock. The complexity of the underlying physical structure combined with concern for efficiency and equity help to determine the financial structure.
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- Drew Fudenberg & David K. Levine, 1996.
"The Theory of Learning in Games,"
Levine's Working Paper Archive
624, David K. Levine.
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