Welfare and Convergence Speed in the Ramsey Model Under Two Classes of Gorman Preferences

Wilson Cruz Vieira (), Alberto Bucci () and Simone Marsiglio
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Wilson Cruz Vieira: Federal University of Viçosa

Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, No 0, 22 pages

Abstract: Abstract Using a one-sector, discrete-time Ramsey model, we analyze and compare the implications for welfare, capital accumulation, and speed of convergence to the steady state of two classes of utility functions that represent Gorman preferences, namely homothetic and Stone–Geary preferences. For identical economies, we show that the preference structure does not affect only the capital dynamics and social welfare but also the speed of convergence to the steady-state equilibrium.

Keywords: Ramsey model; Preferences; Convergence speed; Social welfare (search for similar items in EconPapers)
JEL-codes: C61 E13 O41 O47 (search for similar items in EconPapers)
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DOI: 10.1007/s40797-020-00132-1

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