On impatience, temptation and Ramsey’s conjecture

Jean-Pierre Drugeon () and Bertrand Wigniolle
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Jean-Pierre Drugeon: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: This article explores the implications of the introduction of self-control costs and temptation motives in intertemporal preferences in an elementary competitive equilibrium. We let heterogeneous agents differ in both their discount parameters and their temptation motives, and the degree of financial-market imperfections vary, and establish their implications for the long-run value of the capital stock and the underlying long-run distribution of consumption and wealth. The results differ from those obtained in a standard Ramsey benchmark model, in that long-run distributions are commonly non-degenerate.

Keywords: Ramsey’s Conjecture; Impatience; Temptation; Self-Control (search for similar items in EconPapers)
Date: 2017-01
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Published in Economic Theory, 2017, 63 (1), pp.73-98. ⟨10.1007/s00199-015-0933-4⟩

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Journal Article: On impatience, temptation and Ramsey’s conjecture (2017)
Working Paper: On impatience, temptation and Ramsey’s conjecture (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-01307755

DOI: 10.1007/s00199-015-0933-4

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