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Optimal growth when consumption takes time

Author

Listed:
  • Thai Ha‐huy

    (TIMAS - Institute of Mathematics and Applied Science, EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay)

  • Cuong Le Van

    (IPAG Business School, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, TIMAS - Institute of Mathematics and Applied Science)

  • Thi‐do‐hanh Nguyen

    (VMU - Vietnam Maritime University [Hai Phon])

Abstract

This article analyzes a one-sector growth model where the consumption takes time. When the consumption takes time, the consumption set is compact and we meet satiety. However, we prove that dynamic constraints are binding. This result is crucial to prove that, under well-known assumptions in macroeconomic dynamic programming, the optimal path is monotonic and always converges to a unique nontrivial steady state as in the case where consumption is timeless.

Suggested Citation

  • Thai Ha‐huy & Cuong Le Van & Thi‐do‐hanh Nguyen, 2020. "Optimal growth when consumption takes time," PSE-Ecole d'économie de Paris (Postprint) hal-03261249, HAL.
    • Handle: RePEc:hal:pseptp:hal-03261249
    DOI: 10.1111/jpet.12467
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    2. Dam, My & Ha-Huy, Thai & Le Van, Cuong & Nguyen, Thi Tuyet Mai, 2020. "Economic dynamics with renewable resources and pollution," Mathematical Social Sciences, Elsevier, vol. 108(C), pages 14-26.

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