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

Le Van, C., Nguyen, M.H. and Vailakis, Y. (2007) Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labour. Journal of Mathematical Economics, 43(3-4), pp. 287-317. (doi:10.1016/j.jmateco.2006.06.003)

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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.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Vailakis, Professor Yiannis
Authors: Le Van, C., Nguyen, M.H., and Vailakis, Y.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Journal of Mathematical Economics
ISSN:0304-4068

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