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Voracity, growth and welfare

Author

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  • Kenji Fujiwara

    () (Kwansei Gakuin University)

Abstract

This paper explores some implications of the comparison between feedback Nash and Stackelberg equilibria for growth and welfare in a `voracity' model. We show that as compared to the Nash equilibrium, the Stackelberg equilibrium involves a lower growth rate while it leaves both the leaders and the followers better o , i.e., the Stackelberg equilibrium is Pareto superior to the Nash equilibrium.

Suggested Citation

  • Kenji Fujiwara, 2011. "Voracity, growth and welfare," Discussion Paper Series 77, School of Economics, Kwansei Gakuin University, revised Sep 2011.
  • Handle: RePEc:kgu:wpaper:77
    as

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    File URL: http://192.218.163.163/RePEc/pdf/kgdp77.pdf
    File Function: First version, 2011
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    References listed on IDEAS

    as
    1. Tornell, Aaron, 1999. "Voracity and growth in discrete time," Economics Letters, Elsevier, vol. 62(1), pages 139-145, January.
    2. Elsa V. Artadi & Xavier Sala-i-Martin, 2003. "The Economic Tragedy of the XXth Century: Growth in Africa," NBER Working Papers 9865, National Bureau of Economic Research, Inc.
    3. Dockner, Engelbert J. & Nishimura, Kazuo, 2005. "Capital accumulation games with a non-concave production function," Journal of Economic Behavior & Organization, Elsevier, vol. 57(4), pages 408-420, August.
    4. Robert J. Barro & Rachel McCleary, 2003. "Religion and Economic Growth," NBER Working Papers 9682, National Bureau of Economic Research, Inc.
    5. Plumper, Thomas & Martin, Christian W, 2003. "Democracy, Government Spending, and Economic Growth: A Political-Economic Explanation of the Barro-Effect," Public Choice, Springer, vol. 117(1-2), pages 27-50, October.
    6. Robert J. Barro, 2003. "Determinants of Economic Growth in a Panel of Countries," Annals of Economics and Finance, Society for AEF, vol. 4(2), pages 231-274, November.
    7. Mino, Kazuo, 2006. "Voracity vs. scale effect in a growing economy without secure property rights," Economics Letters, Elsevier, vol. 93(2), pages 278-284, November.
    8. Akihisa Shibata, 2002. "Strategic Interactions in a Growth Model with Infrastructure Capital," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 434-460, November.
    9. Xavier Sala-i-Martín & Elsa V. Artadi, 2003. "Economic growth and investment in the Arab world," Economics Working Papers 683, Department of Economics and Business, Universitat Pompeu Fabra.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Dynamic game; Growth; Welfare; Feedback Nash equilibrium; Feedback Stackelberg equilibrium;

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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