Introducing realistic savings patterns in intertemporal models

Jacqueline Boucher, Victor Ginsburgh, Yves Smeers and Alex Svoronos

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: Discrete-time intertemporal welfare optimization models often involve the choice of discount factors whose value is determinantal, but usually unknown. In this note, we provide a general equilibrium formulation which involves intertemporal wealth transfers instead. We illustrate our approach with a simple numerical example, and show that in a convex analysis framework, it encompasses a version of the Golden Path Rule.

Date: 1987
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Published in: Operations Research Letters (1987) v.6 n° 5,p.211-219

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Working Paper: Introducing realistic savings patterns in intertemporal models (1987)
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