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dc.contributor.authorStrulik, Holgeren
dc.date.accessioned2011-05-26-
dc.date.accessioned2012-11-06T15:27:11Z-
dc.date.available2012-11-06T15:27:11Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aLeibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät |cHannoveren
dc.relation.ispartofseries|aDiskussionsbeitrag |x472en
dc.subject.jelF43en
dc.subject.jelO10en
dc.subject.jelO23en
dc.subject.jelO40en
dc.subject.ddc330en
dc.subject.keywordEconomic growthen
dc.subject.keywordcommon pool resourcesen
dc.subject.keywordvoracityen
dc.subject.stwErschöpfbare Ressourcenen
dc.subject.stwGemeingüteren
dc.subject.stwEigentumsrechten
dc.subject.stwEntwicklungsstufeen
dc.subject.stwWachstumstheorieen
dc.subject.stwTheorieen
dc.titleThe voracity effect: Comment-
dc.typeWorking Paperen
dc.identifier.ppn660709902en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:han:dpaper:dp-472en

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