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Article Dans Une Revue Journal of Mathematical Economics Année : 2007

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

Cuong Le Van
Manh-Hung Nguyen
Yiannis Vailakis

Résumé

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.
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Dates et versions

halshs-00101237 , version 1 (26-09-2006)

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Cuong Le Van, Manh-Hung Nguyen, Yiannis Vailakis. Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor. Journal of Mathematical Economics, 2007, 43 (3-4), pp.287-317. ⟨10.1016/j.jmateco.2006.06.003⟩. ⟨halshs-00101237⟩
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