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Capital accumulation in a model of growth and creative destruction

  • Walde, Klaus

    (University of Dresden)

Capital accumulation and creative destruction is modeled together with risk-averse households. The novel aspect - risk-averse households - allows to use well-known models not only for analyzing long-run growth as in the literature but also short-run fluctuations. The model remains analytically tractable due to a very convenient property of the householdÕs investment decision in this stochastic continuous-time setup. Classification-E32, O41, O31

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Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2003 with number 216.

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Date of creation: 04 Jun 2003
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Handle: RePEc:ecj:ac2003:216
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