Equilibrium and Competitive Equilibrium in a Discrete-Time Lucas Model

Pascal Gourdel (), Liem Hoang Ngoc, Cuong Le Van () and Tédié Mazamba
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Pascal Gourdel: CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Liem Hoang Ngoc: MATISSE - UMR 8595 - Modélisation Appliquée, Trajectoires Institutionnelles et Stratégies Socio-Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
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
Tédié Mazamba: UP2 - Université Panthéon-Assas

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Abstract: In this paper, we study a discrete-time version of the Lucas model with externality but without physical capital. We give conditions for which the optimal human capital sequences are increasing. When the instantaneous utility function is isoelastic and the production function is Cobb-Douglas, we prove that the optimal human capital sequences grow at constant rate. Moreover, there exists a unique equilibrium which, under an additional assumption on the human capital technology, is also the unique competitive equilibrium.

Keywords: Lucas Model; Human Capital; Externalities; Optimal Growth; Social Planner; Equilibrium (search for similar items in EconPapers)
Date: 2004-04
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Citations: View citations in EconPapers (4)

Published in Journal of Difference Equations and Applications, 2004, 10 (5), pp.501-514. ⟨10.1080/1023619042000193658⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00119011

DOI: 10.1080/1023619042000193658

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