Equilibrium Dynamics with Many Agents

Becker, Robert A.

doi:10.1007/3-540-32310-4_13

Cited by 36 publications

(45 citation statements)

References 65 publications

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“…The reason is that in the neoclassical growth model (i.e., decreasing returns to accumulable factors) with heterogeneity only in initial endowments and no further assumptions, the long-run distribution is indeterminate, in the sense that every possible distribution of capital is consistent with the steady state [Becker (2006)]. …”

Section: Theoretical Robustnessmentioning

confidence: 99%

Infrastructure and Inequality: Insights From Incorporating Key Economic Facts About Household Heterogeneity

Klenert

Mattauch²,

Edenhofer

et al. 2016

Macroecon. Dynam.

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We study the impacts of investment in public capital on equity and efficiency. Taking into account stylized facts on wealth accumulation, we model agent heterogeneity through differences in saving behavior, income source and time preference. We find that in the long run, public investment is Pareto-improving and that it reduces inequality in wealth, welfare, and income at the same time, if it is financed by a capital tax. Consumption tax financing is also Pareto-improving but distribution-neutral. Only for labor tax financing, a trade-off between equity and efficiency occurs.Additionally, we find that agents differ in their preferred tax rates.The results for capital and labor tax financing are valid for both, the case of decreasing and constant returns to accumulable factors.

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Section: Theoretical Robustnessmentioning

confidence: 99%

Infrastructure and Inequality: Insights From Incorporating Key Economic Facts About Household Heterogeneity

Klenert

Mattauch²,

Edenhofer

et al. 2016

Macroecon. Dynam.

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show abstract

“…To prove this proposition it is sufficient to repeat a well-known argument by Becker (1980Becker ( , 2006. The proposition says that only the most patient consumers make positive savings and own all the capital.…”

Section: Equilibrium Paths and Steady-state Equilibriamentioning

confidence: 95%

“…There is a rich literature on models of economic growth with consumers having different rates of impatience surveyed by Becker (2006). However, most existing papers on this topic ignore public sector.…”

mentioning

confidence: 99%

Endogenous Growth in a Model with Heterogeneous Agents and Voting on Public Goods

Borissov

Surkov²

2010

SSRN Journal

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“…To prove this proposition it is sufficient to repeat a well-known argument by Becker (1980Becker ( , 2006. It allows us to note the following:…”

Section: Andmentioning

confidence: 97%

Common and Private Property to Exhaustible Resources: Theoretical Implications for Economic Growth

Borissov

Surkov²

2010

SSRN Journal

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Equilibrium Dynamics with Many Agents

Cited by 36 publications

References 65 publications

Infrastructure and Inequality: Insights From Incorporating Key Economic Facts About Household Heterogeneity

Infrastructure and Inequality: Insights From Incorporating Key Economic Facts About Household Heterogeneity

Endogenous Growth in a Model with Heterogeneous Agents and Voting on Public Goods

Common and Private Property to Exhaustible Resources: Theoretical Implications for Economic Growth

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