Optimal economic growth with recursive preferences: decreasing rate of time preference
In the field of optimal growth theory, since Ramsey's time it is frequent to maximize a welfare function consisting of the discounted sum of instantaneous utilities, with a constant rate of time preferencie. Such an optimality criterion implies that preferences are independent over time. <...
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| Formato: | Articulo |
| Lenguaje: | Inglés |
| Publicado: |
1999
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| Acceso en línea: | http://sedici.unlp.edu.ar/handle/10915/9105 |
| Aporte de: |
| Sumario: | In the field of optimal growth theory, since Ramsey's time it is frequent to maximize a welfare function consisting of the discounted sum of instantaneous utilities, with a constant rate of time preferencie. Such an optimality criterion implies that preferences are independent over time.
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