Multiplicity of Dynamic Equilibria and Global Efficiency

Giancarlo Marini and Pietro Senesi ()
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Pietro Senesi: University of Rome II - Faculty of Economics

CEIS Research Paper from Tor Vergata University, CEIS

Abstract: Within a one-sector, infinite-horizon representative agent model with technological externalities and a convex-concave production function, this paper derives a capital subsidy policy that simultaneously eliminates the wedge between private and social marginal products of capital, and achieves a globally efficient allocation.

Keywords: nonconvexities; technological externalities; dynamic equilibrium allocations (search for similar items in EconPapers)
JEL-codes: C61 D62 H21 (search for similar items in EconPapers)
Pages: 13
Date: 2004-06-10
New Economics Papers: this item is included in nep-dge and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:rtv:ceisrp:57

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