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Efficient Ramsey Equilibria

  • Becker, Robert

    (IN University)

  • Mitra, Tapan

    (Cornell University)

Ramsey equilibrium models with heterogeneous agents and borrowing constraints are shown to yield efficient equilibrium sequences of aggregate capital and consumption. The proof of this result is based on verifying that equilibrium sequences of prices satisfy the Malinvaud criterion for efficiency.

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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 11-02.

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Date of creation: Mar 2011
Date of revision:
Handle: RePEc:ecl:corcae:11-02
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  1. DURAN, Jorge & LE VAN, Cuong, 2000. "A simple proof of existence of equilibrium in a one sector growth model with bounded or unbounded returns from below," CORE Discussion Papers 2000050, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Sorger, Gerhard, 1994. "On the Structure of Ramsey Equilibrium: Cycles, Indeterminacy, and Sunspots," Economic Theory, Springer, vol. 4(5), pages 745-64, August.
  3. Cuong LE VAN & Yiannis VALAKIS, 2001. "Existence of a competitive equilibrium in one sector growth model with heterogeneous agents and irreversible investment," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2001018, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  4. Becker, Robert A. & Foias, Ciprian, 1987. "A characterization of Ramsey equilibrium," Journal of Economic Theory, Elsevier, vol. 41(1), pages 173-184, February.
  5. Bloise, Gaetano & Reichlin, Pietro, 2008. "Asset Prices, Debt Constraints and Inefficiency," CEPR Discussion Papers 6779, C.E.P.R. Discussion Papers.
  6. Fernando Alvarez & Urban J. Jermann, 2000. "Efficiency, Equilibrium, and Asset Pricing with Risk of Default," Econometrica, Econometric Society, vol. 68(4), pages 775-798, July.
  7. Cass, David, 1972. "On capital overaccumulation in the aggregative, neoclassical model of economic growth: A complete characterization," Journal of Economic Theory, Elsevier, vol. 4(2), pages 200-223, April.
  8. Piero Gottardi & Subir Chattopadhyay, 1999. "- Stochastic Olg Models, Market Structure And Optimality," Working Papers. Serie AD 1999-15, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  9. BLOISE, Gaetano & CALCIANO, Filippo L., 2007. "A characterization of inefficiency in stochastic overlapping generations economies," CORE Discussion Papers 2007093, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Chattopadhyay, Subir, 2008. "The Cass criterion, the net dividend criterion, and optimality," Journal of Economic Theory, Elsevier, vol. 139(1), pages 335-352, March.
  11. Mitra, Tapan, 1979. "Identifying inefficiency in smooth aggregative models of economic growth : A unifying criterion," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 85-111, March.
  12. Cass, David, 1972. "Distinguishing inefficient competitive growth paths: A note on capital overaccumulation and rapidly diminishing future value of consumption in a fairly general model of capitalistic production," Journal of Economic Theory, Elsevier, vol. 4(2), pages 224-240, April.
  13. Mitra, Tapan, 1978. "A note on efficient growth with irreversible investment and the Phelps-Koopmans theorem," Journal of Economic Theory, Elsevier, vol. 18(1), pages 216-223, June.
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