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Introducing realistic savings patterns in intertemporal models

par Boucher, Jacqueline;Ginsburgh, Victor ;Smeers, Yves;Svoronos, Alex
Référence Operations Research Letters, 6, 5, page (211-219)
Publication Publié, 1987

Article révisé par les pairs

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Résumé :

Discrete-time intertemporal welfare optimization models often involve the choice of discount factors whose value is determinantal, but usually unknown. In this note, we provide a general equilibrium formulation which involves intertemporal wealth transfers instead. We illustrate our approach with a simple numerical example, and show that in a convex analysis framework, it encompasses a version of the Golden Path Rule.