Savings growth and the path of utility

نویسندگان

  • Kirk Hamilton
  • Cees Withagen
  • C. Withagen
چکیده

We derive an expression relating the change in instantaneous utility to the growth of net (genuine) saving in an economy with multiple stocks and externalities that maximizes welfare in the utilitarian sense. This result is then shown to hold for decentralized competitive efficient economies as well, to yield an extension of the Hartwick rule: instantaneous utility is non-declining along a development path if genuine saving is decreasing. By way of example the rule is applied as a constant genuine saving rate rule in a simple Dasgupta-Heal-Solow-Stiglitz economy. The rule yields a path with unbounded consumption and higher wealth than on the standard Hartwick constant consumption path. JEL classification: Q01, Q56, O13 Croissance de l’épargne et sentier d’utilité. L’auteur dérive une relation entre le changement d’utilité instantanée et la croissance de l’épargne nette (véritable) dans une économie à multiples stocks et externalités qui maximise le bien-être dans un sens utilitariste. On montre que ce résultat tient pour des économies compétitives efficientes décentralisées, et donc génère une extension de la règle de Hartwick: l’utilité instantanée ne décline pas au fil d’un sentier de développement si l’épargne véritable décroı̂t. On applique la règle en tant que règle de taux constant d’épargne véritable dans une économie à la DasguptaHeal-Solow-Stiglitz. La règle engendre un sentier où la consommation n’est pas limitée et la richesse est plus grande que pour le sentier standard de consommation constante à la Hartwick.

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Constant Savings Rates and Quasi- Arithmetic Population Growth under Exhaustible Resource Constraints

In the Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion we show the following equivalence: If an efficient path has constant (gross and net of population growth) savings rates, then population growth must be quasi-arithmetic and the path is a maximin or a classical utilitarian optimum. Conversely, if a path is optimal according to maximin or classical utilitaria...

متن کامل

transaction cost and Time inconsistency in consumption- Savings behavior(experimental approach)

Empirical and experimental studies demonstrate that the rates of time preferences are smaller in long run in comparison with that of short run. In other word individuals are present bias; and it is one of the reasons that the saving is less than its optimal level. The aim of this study is to examine if the dearth of sufficient information results in time inconsistency in individual decisions fo...

متن کامل

تحلیل اثرات اصلاح سیاست مالیاتی بر متغیرهای کلان اقتصادی در ایران: رویکرد خرید پیشاپیش نقد CIA

An efficient monetary and tax system plays an important role in the proper performance of the economic system, and can effect on motivation of labor, consumer, savings and investment behavior. A theory of monetary and tax reform is movement of the income tax system and inflation tax to the system of consumption tax, that can increase the tendency to savings, investment and capital accumulation....

متن کامل

On Calibration and Application of Logit-Based Stochastic Traffic Assignment Models

There is a growing recognition that discrete choice models are capable of providing a more realistic picture of route choice behavior. In particular, influential factors other than travel time that are found to affect the choice of route trigger the application of random utility models in the route choice literature. This paper focuses on path-based, logit-type stochastic route choice models, i...

متن کامل

Household utility and its long-run impressionability from economic shocks

Due to the fact that in recent years, Iran has faced severe fluctuations and shocks from macroeconomic variables, the household utility has changed. Undoubtedly, without studying and researching the effects of these shocks on household utility, appropriate solutions cannot be provided to reduce its adverse consequences. Therefore, in the first stage, this study has extracted the household utili...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

عنوان ژورنال:

دوره   شماره 

صفحات  -

تاریخ انتشار 2007