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Capital accumulation in a model of growth and creative destruction

  • Wälde, Klaus

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 household's investment decision in this stochastic continuous-time setup.

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Paper provided by Dresden University of Technology, Faculty of Business and Economics, Department of Economics in its series Dresden Discussion Paper Series in Economics with number 09/01.

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Date of creation: 2001
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Handle: RePEc:zbw:tuddps:0901
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Web page: http://www.tu-dresden.de/wiwi/
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