Equilibrium Dynamics with Many Agents

Robert Becker

Chapter 13. in Handbook on Optimal Growth 1, 2006, pp 385-442 from Springer

Abstract: 13.6 Conclusion Time preference influences intertemporal allocations. Ramsey’s many agent model provides us with a framework for seeing how individual tastes can influence an economy’s development and the distribution of its produce. The ways in which it differs from the representative agent theory may, with further research, provide us with a foundation for macrodynamic models with many agents where there interactions influence the level of macroeconomic activity and the conduct of macroeconomic policy.

Keywords: Capital Stock; Discount Factor; Time Preference; Equilibrium Path; Balance Growth Path (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1007/3-540-32310-4_13

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