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

Cuong Le Van; Manh-Hung Nguyen; Yiannis Vailakis

halshs-00101237, version 1

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

Cuong Le Van () ¹, Manh-Hung Nguyen ¹, Yiannis Vailakis ¹

Journal of Mathematical Economics 43, 3-4 (2007) 287-317

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.

1: Centre d'économie de la Sorbonne (CES)
CNRS : UMR8174 – Université Paris I - Panthéon-Sorbonne

halshs-00101237, version 1
http://halshs.archives-ouvertes.fr/halshs-00101237
oai:halshs.archives-ouvertes.fr:halshs-00101237
From: Cuong Le Van <>
Submitted on: Tuesday, 26 September 2006 16:38:18
Updated on: Wednesday, 21 November 2012 14:00:50

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DOI: 10.1016/j.jmateco.2006.06.003

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