Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/66013
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dc.contributor.authorStrulik, Holgeren_US
dc.date.accessioned2011-05-26en_US
dc.date.accessioned2012-11-06T15:27:11Z-
dc.date.available2012-11-06T15:27:11Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/66013-
dc.description.abstractIn an influential article Tornell and Lane (1999) considered an economy populated by multiple powerful groups in which property rights in the formal sector of production are not protected. They obtained conditions under which the groups appropriate output from the formal sector in order to invest it in an informal sector in which productivity is lower and private property is protected. They also obtained conditions under which voracity occurs such that a permanent positive shock in the formal sector leads to lower growth. Here I show that not investing in the informal sector is a pareto-superior Nash equilibrium under the mild condition of an elasticity of intertemporal substitution in consumption smaller than unity. As a corollary, voracity disappears.en_US
dc.language.isoengen_US
dc.publisher|aWirtschaftswiss. Fak., Leibniz Univ. |cHannoveren_US
dc.relation.ispartofseries|aDiscussion Paper, Wirtschaftswissenschaftliche Fakultät, Leibniz Universität Hannover |x472en_US
dc.subject.jelF43en_US
dc.subject.jelO10en_US
dc.subject.jelO23en_US
dc.subject.jelO40en_US
dc.subject.ddc330en_US
dc.subject.keywordEconomic growthen_US
dc.subject.keywordcommon pool resourcesen_US
dc.subject.keywordvoracityen_US
dc.subject.stwErschöpfbare Ressourcenen_US
dc.subject.stwGemeingüteren_US
dc.subject.stwEigentumsrechten_US
dc.subject.stwEntwicklungsstufeen_US
dc.subject.stwWachstumstheorieen_US
dc.subject.stwTheorieen_US
dc.titleThe voracity effect: Commenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn660709902en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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