Two Ways to Rule Out the Overconsumption Paths in the Ramsey Model with Irreversible Investment

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Two Ways to Rule Out the Overconsumption Paths in the Ramsey Model with Irreversible Investment

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Comin, D.

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Diego Comin

Abstract

In this note I develop two approaches to rule out the overconsumption paths in the Ramsey model with irreversible capital. The ørst focuses on the multiplier of the irreversible constraint and is applied to the situation where preferences are CES and the production function is Cobb-Douglas. The second, relies on a revealed preference argument and is used to rule out overconsumption paths when the preferences are strictly concave and the initial level of per effective capital is below its steady state level.

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Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 00-17.

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Length: 12 pages
Date of creation: 2000
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Handle: RePEc:cvs:starer:00-17

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O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming

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