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The Rich and the Poor in a Simple Model of Growth and Distribution

Listed author(s):
  • Kirill Borissov

We consider a model of economic growth with altruistic consumers who care both about their consumption relative to others and the disposable income of their offsprings. We show that if the parameter accounting for the importance of positional concerns is lower than a certain threshold, then the wealth of all agents converges irrespective of the initial distribution of wealth. If, however, it is higher than the threshold, then all the capital is eventually owned by the households which were the richest from the outset.

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File URL: https://eu.spb.ru/images/ec_dep/wp/Ec-06_13.pdf
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Paper provided by European University at St. Petersburg, Department of Economics in its series EUSP Department of Economics Working Paper Series with number Ec-06/13.

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Length: 20 pages
Date of creation: 15 Jul 2013
Handle: RePEc:eus:wpaper:ec0613
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  1. Fisher, Walter H. & Heijdra, Ben J., 2009. "Keeping up with the ageing Joneses," Journal of Economic Dynamics and Control, Elsevier, vol. 33(1), pages 53-64, January.
  2. Stéphane Lambrecht & Philippe Michel & Emmanuel Thibault, 2006. "Capital Accumulation and Fiscal Policy in an OLG Model with Family Altruism," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 8(3), pages 465-486, August.
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