Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor

Cuong Le Van (), Manh Hung Nguyen and Yiannis Vailakis ()
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Cuong Le Van: CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Yiannis Vailakis: CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: The paper extends the canonical representative agent Ramsey model to include heterogeneous agents and elastic labor supply. The welfare maximization problem is analyzed and shown to be equivalent to a non-stationary reduced form model. An iterative procedure is exploited to prove the supermodularity of the indirect utility function. Supermodularity is subsequently used to establish the convergence of optimal paths.

Keywords: Single-sector growth model; heterogeneous agents; elastic labor supply; Modèle de croissance à un secteur; agents hétérogènes; offre de travail élastique; supermodularité (search for similar items in EconPapers)
Date: 2005-12
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00197560v1
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Published in 2005

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Related works:
Journal Article: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2005)
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