Impatience and equilibrium indeterminacy Export

@article{citeulike:5288405, abstract = {This paper extends the neoclassical one-sector optimal growth model by postulating that individual agents' time preference ( impatience) depends on the economy-wide average consumption and average income, which are social factors taken as external by individual agents. The paper shows that with the socially determined individual time preference local equilibrium indeterminacy can arise. Moreover, local indeterminacy can also be associated with global indeterminacy in many cases. The results hold in models with bounded and unbounded growth.}, author = {Meng, Q.}, citeulike-article-id = {5288405}, citeulike-linkout-0 = {http://dx.doi.org/10.1016/j.jedc.2005.07.011}, citeulike-linkout-1 = {http://linkinghub.elsevier.com/retrieve/pii/S0165188905001922}, doi = {10.1016/j.jedc.2005.07.011}, issn = {01651889}, journal = {Journal of Economic Dynamics and Control}, keywords = {endogenous, growth}, month = {December}, number = {12}, pages = {2671--2692}, posted-at = {2009-07-28 09:15:20}, priority = {2}, title = {Impatience and equilibrium indeterminacy}, url = {http://dx.doi.org/10.1016/j.jedc.2005.07.011}, volume = {30}, year = {2006} }

TY - JOUR ID - citeulike:5288405 L3 - citeulike-article-id:5288405 N2 - This paper extends the neoclassical one-sector optimal growth model by postulating that individual agents’ time preference ( impatience) depends on the economy-wide average consumption and average income, which are social factors taken as external by individual agents. The paper shows that with the socially determined individual time preference local equilibrium indeterminacy can arise. Moreover, local indeterminacy can also be associated with global indeterminacy in many cases. The results hold in models with bounded and unbounded growth. IS - 12 JF - Journal of Economic Dynamics and Control SN - 01651889 EP - 2692 TI - Impatience and equilibrium indeterminacy VL - 30 SP - 2671 KW - endogenous KW - growth AU - Meng, Q PY - 2006/12// UR - http://dx.doi.org/10.1016/j.jedc.2005.07.011 ER -