A Dynamic Game Model of Endogenous Growth with Consumption Externalities

Katsuhiko Hori and Akihisa Shibata
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Katsuhiko Hori: Institute of Economic Research, Kyoto University
Authors registered in the RePEc Author Service: 堀 勝彦 ()

No 2008-040, Keio/Kyoto Joint Global COE Discussion Paper Series from Keio/Kyoto Joint Global COE Program

Abstract: This paper introduces consumption externalities into an endogenous growth model of general capital accumulation and characterizes balanced growth equilibria. Contrary to the common argument in previous studies, we show that the growth rate in a feedback Nash equilibrium can be higher than that in an open-loop Nash equilibrium if agents strongly admire others' consumption.

Pages: 18 pages
Date: 2008
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Related works:
Journal Article: Dynamic Game Model of Endogenous Growth with Consumption Externalities (2010)
Working Paper: Dynamic game model of endogenous growth with consumption externalities (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:kei:dpaper:2008-040

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