Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor

Cuong Le van, Manh Hung Nguyen and Yiannis Vailakis

Cahiers de la Maison des Sciences Economiques from Université Panthéon-Sorbonne (Paris 1)

Abstract: The paper extends the canonical representative agent Ramsey model to include heterogeneous agents and elastic labor supply. The welfare maximization problem is analyzed and shown to be equivalent to a non-stationary reduced form model. An iterative procedure is exploited to prove the supermodularity of the indirect utility function. Supermodularity is subsequently used to establish the convergence of optimal paths

Keywords: Single-sector growth model; heterogeneous agents; elastic labor supply (search for similar items in EconPapers)
JEL-codes: C62 D51 E13 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2005-12
New Economics Papers: this item is included in nep-dev, nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (41)

Published in Journal of Mathematical Economics", Elsevier, 2007, 43 (3-4), pp.287-317

Downloads: (external link)
https://halshs.archives-ouvertes.fr/halshs-00197560 (application/pdf)
https://doi.org/10.1016/j.jmateco.2006.06.003

Related works:
Journal Article: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2005)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:mse:wpsorb:b05096

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