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

Cuong Le Van (), Manh Hung Nguyen and Yiannis Vailakis ()
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Cuong Le Van: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Yiannis Vailakis: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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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.

Keywords: heterogeneous agents; Single-sector growth model; supermodularity; elastic labor supply (search for similar items in EconPapers)
Date: 2007-04
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00101237
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Citations: View citations in EconPapers (34)

Published in Journal of Mathematical Economics, 2007, 43 (3-4), pp.287-317. ⟨10.1016/j.jmateco.2006.06.003⟩

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Related works:
Journal Article: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2007)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2005)
Working Paper: Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00101237

DOI: 10.1016/j.jmateco.2006.06.003

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