We study the growth process among a large group of economies where consumption relative to reference determines discount factor household agents. characterize all possible balanced paths and their stability properties. The model can explain why two having similar production technologies, preferences, total productivity rates differ in labor supply behavior have diverging depending on initial co...

We give an axiomatic characterization of the Time-Preference Nash Solution, a bargaining solution that is applied when the underlying preferences are defined over streams of physical outcomes. This bargaining solution is similar to the ordinal Nash solution introduced by Rubinstein, Safra, and Thomson (1992), but it gives a different prediction when the set of physical outcomes is a set of lott...