Essays on time preference and economic growth in the dynastic competitive economy|RISS 상세보기

다국어 초록 (Multilingual Abstract)

This study considers a dynamic competitive general equilibrium when time preferences in life-cycle utility are endogenous. We examine how an individual perceives future utilities in a dynastic competitive economy and explore the characteristics of a competitive equilibrium. This paper will discuss the endogenous time preference issue from two different aspects. In the first model, we postulate that each household's time preferences are not only influenced by the parent's consumption and savings behavior in a dynastic intergenerational environment, but also affected by external consumption habits in young cohort households in an intra-generational environment. In the second model, we postulate that in old age, altruistic parents transfer a part of their income to their children, and allocate time for spending with them in order to make them patient and future oriented thus improving their lifetime utility and welfare. In this paper we demonstrate the existence of multiple steady states. The multiplicity of steady states suggests that income inequality arises among households in the dynastic economy.

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목차 (Table of Contents)

Chapter 1 Introduction 1
Chapter 2 Uniqueness and Stability of a Dynastic Economy with Endogenous Time Preferences 3
2.1 Introduction 3
2.2 The Model 5
2.2.1 The Household’s Problem 5

Chapter 1 Introduction 1
Chapter 2 Uniqueness and Stability of a Dynastic Economy with Endogenous Time Preferences 3
2.1 Introduction 3
2.2 The Model 5
2.2.1 The Household’s Problem 5
2.2.2 The Producer’s Problem 10
2.2.3 The Capital Policy Function of a Dynastic Competitive Economy 11
2.3. Dynamic Analysis of Competitive Equilibrium 13
2.3.1 The equilibrium 13
2.3.2 Steady State Allocations 14
2.3.3 Local Dynamics of Steady States 17
2.3.4 Numerical Examples of Multiple Steady States and Local Stability 19
2.4 Conclusion 21
Chapter 3 Bequest and Impatience in an Overlapping Generations Economy 23
3.1 Introduction 23
3.2 The Model 25
3.2.1 The household's Problem 25
3.2.2 The Producer's Problem 27
3.3 Dynamic Analysis of Competitive Equilibrium 28
3.3.1 The equilibrium 28
3.3.2 Steady state Allocations 34
3.3.3 Local Dynamics of Steady States 38
3.4 The social optimum 41
3.4.1 The optimal solution 41
3.4.2 Social Optimum Transitional Dynamic Path 44
3.5 Conclusion 46
Chapter 4 Results 48
Appendices 49
References 51

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