English, Article, Journal or magazine article edition: On optimality, endogeneous discounting and wealth accumulation Ingmar, SCHUMACHER

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Bookmark: http://trove.nla.gov.au/version/178137
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • On optimality, endogeneous discounting and wealth accumulation
Author
  • Ingmar, SCHUMACHER
Physical Description
  • preprint
Notes
  • We endogenize the discount rate via a broad measure of wealth and provide empirical evidence that wealth the discount rate negatively. We demonstrate that the Pontryagin conditions require positive felicity for intuitive results, whereas the concavity of the Hamiltonian requires negative felicity for optimality. This dilemna also holds for the endogenizations of Obstfeld (1990) and followers. We solve the model with positive felicity and resolve when optimality is possible. We discuss the impact on technological change, savings and convergence which are more in line with empirics. Finally, we discuss time consistency of a planner who cannot predict his preferences.
  • Endogenous time preference, Stability, Optimal growth, Recursive utility
  • RePEc:ctl:louvec:2006058
Language
  • English
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