Optimal growth when tastes are inherited Croix, David de la; Michel, Philippe

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Croix, David de la ; Michel, Philippe
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Journal of Economic Dynamics & Control
Externalities (Economics) -- Models; Economic development -- Models; Economic stabilization -- Models
The issue of optimal growth when standard-of-living aspirations are inherited was investigated using an econometric framework that treats utility as non-separable across generations. The model includes an externality that is not taken into consideration by altruistic parents but which may play a role in endogenous fluctuation in competitive economies. Results showed that the condition for the optimal solution is stable in the saddle-point sense and that this optimal solution may exhibit damped oscillations even when the utility of future generations is not discounted.
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e.g. test cricket, Perth (WA), "Parkes, Henry"

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