On the Impatience Foundations of Long-run Heterogeneity

Drugeon, J.-P.

Papiers d'Economie Mathématique et Applications from Université Panthéon-Sorbonne (Paris 1)

Abstract: This article is aimed at the reconsideration of Ramsey long-run distribution concerns, i.e., the so-called impatience problem, when consumption paths display homothetic growth. Is it possible for heterogeneous agents to survive in the course of an equilibrium characterised by a common growth rate in spite of their dissimilarity ? For a two consumers environment, it is first recalled that it is only under an implausible knife-edge condition that involves individuals preferences plus techological parameters that a separable representation with an invariant rate of impatience can allow for positive consumption growth rates for both agents.

Keywords: DISTRIBUTION; CONSUMPTION; GROWTH RATE (search for similar items in EconPapers)
JEL-codes: D90 E32 O40 (search for similar items in EconPapers)
Date: 2000

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Persistent link: http://EconPapers.repec.org/RePEc:fth:pariem:2000.123

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