Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience

Autores
Alcalá, Luis Adrián; Tohmé, Fernando Abel; Dabús, Carlos Darío
Año de publicación
2018
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
This paper studies a two-agent strategic model of capital accumulation with heterogeneity in preferences and income shares. Preferences are represented by recursive utility functions that satisfy decreasing marginal impatience. The stationary equilibria of this dynamic game are analyzed under two alternative information structures: one in which agents precommit to future actions, and another one where they use Markovian strategies. In both cases, we develop sufficient conditions to show the existence of these equilibria and characterize their stability properties. Under certain regularity conditions, a precommitment equilibrium shows monotone convergence of aggregate variables, but Markovian equilibria may exhibit nonmonotonic paths, even in the long-run.
Fil: Alcalá, Luis Adrián. Universidad Nacional del Sur. Departamento de Matemática; Argentina
Fil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
Fil: Dabús, Carlos Darío. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
Materia
DECREASING IMPATIENCE
DYNAMIC PROGRAMMING
MARKOVIAN STRATEGIES
PRECOMMITMENT STRATEGIES
RECURSIVE UTILITY
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by/2.5/ar/
Repositorio
CONICET Digital (CONICET)
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
OAI Identificador
oai:ri.conicet.gov.ar:11336/91997
Acceder
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network_name_str CONICET Digital (CONICET)
spelling Strategic Growth with Recursive Preferences: Decreasing Marginal ImpatienceAlcalá, Luis AdriánTohmé, Fernando AbelDabús, Carlos DaríoDECREASING IMPATIENCEDYNAMIC PROGRAMMINGMARKOVIAN STRATEGIESPRECOMMITMENT STRATEGIESRECURSIVE UTILITYhttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5This paper studies a two-agent strategic model of capital accumulation with heterogeneity in preferences and income shares. Preferences are represented by recursive utility functions that satisfy decreasing marginal impatience. The stationary equilibria of this dynamic game are analyzed under two alternative information structures: one in which agents precommit to future actions, and another one where they use Markovian strategies. In both cases, we develop sufficient conditions to show the existence of these equilibria and characterize their stability properties. Under certain regularity conditions, a precommitment equilibrium shows monotone convergence of aggregate variables, but Markovian equilibria may exhibit nonmonotonic paths, even in the long-run.Fil: Alcalá, Luis Adrián. Universidad Nacional del Sur. Departamento de Matemática; ArgentinaFil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; ArgentinaFil: Dabús, Carlos Darío. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; ArgentinaSpringer New York LLC2018-06-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/91997Alcalá, Luis Adrián; Tohmé, Fernando Abel; Dabús, Carlos Darío; Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience; Springer New York LLC; Dynamic Games and Applications; 9; 2; 15-6-2018; 314-3652153-07852153-0793CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/https://link.springer.com/article/10.1007/s13235-018-0269-3info:eu-repo/semantics/altIdentifier/doi/10.1007/s13235-018-0269-3info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-09-29T10:39:23Zoai:ri.conicet.gov.ar:11336/91997instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982025-09-29 10:39:23.467CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
title Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
spellingShingle Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
Alcalá, Luis Adrián
DECREASING IMPATIENCE
DYNAMIC PROGRAMMING
MARKOVIAN STRATEGIES
PRECOMMITMENT STRATEGIES
RECURSIVE UTILITY
title_short Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
title_full Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
title_fullStr Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
title_full_unstemmed Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
title_sort Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience
dc.creator.none.fl_str_mv Alcalá, Luis Adrián
Tohmé, Fernando Abel
Dabús, Carlos Darío
author Alcalá, Luis Adrián
author_facet Alcalá, Luis Adrián
Tohmé, Fernando Abel
Dabús, Carlos Darío
author_role author
author2 Tohmé, Fernando Abel
Dabús, Carlos Darío
author2_role author
author
dc.subject.none.fl_str_mv DECREASING IMPATIENCE
DYNAMIC PROGRAMMING
MARKOVIAN STRATEGIES
PRECOMMITMENT STRATEGIES
RECURSIVE UTILITY
topic DECREASING IMPATIENCE
DYNAMIC PROGRAMMING
MARKOVIAN STRATEGIES
PRECOMMITMENT STRATEGIES
RECURSIVE UTILITY
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv This paper studies a two-agent strategic model of capital accumulation with heterogeneity in preferences and income shares. Preferences are represented by recursive utility functions that satisfy decreasing marginal impatience. The stationary equilibria of this dynamic game are analyzed under two alternative information structures: one in which agents precommit to future actions, and another one where they use Markovian strategies. In both cases, we develop sufficient conditions to show the existence of these equilibria and characterize their stability properties. Under certain regularity conditions, a precommitment equilibrium shows monotone convergence of aggregate variables, but Markovian equilibria may exhibit nonmonotonic paths, even in the long-run.
Fil: Alcalá, Luis Adrián. Universidad Nacional del Sur. Departamento de Matemática; Argentina
Fil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
Fil: Dabús, Carlos Darío. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
description This paper studies a two-agent strategic model of capital accumulation with heterogeneity in preferences and income shares. Preferences are represented by recursive utility functions that satisfy decreasing marginal impatience. The stationary equilibria of this dynamic game are analyzed under two alternative information structures: one in which agents precommit to future actions, and another one where they use Markovian strategies. In both cases, we develop sufficient conditions to show the existence of these equilibria and characterize their stability properties. Under certain regularity conditions, a precommitment equilibrium shows monotone convergence of aggregate variables, but Markovian equilibria may exhibit nonmonotonic paths, even in the long-run.
publishDate 2018
dc.date.none.fl_str_mv 2018-06-15
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11336/91997
Alcalá, Luis Adrián; Tohmé, Fernando Abel; Dabús, Carlos Darío; Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience; Springer New York LLC; Dynamic Games and Applications; 9; 2; 15-6-2018; 314-365
2153-0785
2153-0793
CONICET Digital
CONICET
url http://hdl.handle.net/11336/91997
identifier_str_mv Alcalá, Luis Adrián; Tohmé, Fernando Abel; Dabús, Carlos Darío; Strategic Growth with Recursive Preferences: Decreasing Marginal Impatience; Springer New York LLC; Dynamic Games and Applications; 9; 2; 15-6-2018; 314-365
2153-0785
2153-0793
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/https://link.springer.com/article/10.1007/s13235-018-0269-3
info:eu-repo/semantics/altIdentifier/doi/10.1007/s13235-018-0269-3
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Springer New York LLC
publisher.none.fl_str_mv Springer New York LLC
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
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score 13.070432

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