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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/18722
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| Title: | | Optimal growth and impatience : a phase diagram analysis  |
| Authors: | | Chang, Fwu-Ranq |
| Issue Date: | | 2004 |
| Series/Report no.: | | CESifo working papers 1359 |
| Abstract: | | In this paper we show that we can replace the assumption of constant discount rate in the onesector optimal growth model with the assumption of decreasing marginal impatience without losing major properties of the model. In particular, we show that the steady state exists, is unique, and has a saddle-point property. All we need is to assume that the discount function is strictly decreasing, strictly convex and has a uniformly bounded first-derivative. |
| Subjects: | | recursive utility decreasing marginal impatience saddle point bounded slope assumption |
| JEL: | | C62 C61 O41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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