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On the roles of impatiencein homothetic growth paths

Author

Listed:
  • Jean-Pierre Drugeon

    (C.n.r.s. - E.u.r.e.q.u.a., 106-12, boulevard de l'HÆpital, F-75647 Paris Cedex 13, FRANCE)

Abstract

This article reexamines the role of long-run endogenous impatience in homothetic growth paths. Using a class of intertemporal preferences assuming a continuous time generator representation, the existence, uniqueness and determinacy properties of a homothetic growth path with endogenous rates of time preference are checked. The argument is based on extensive use of prospective utility. The associated utilities are shown to exhibit a rate of time preference function that becomes invariant to prospective utility along the homothetic growth solution. They also enter in a normal way in the generating function. Finally and at the opposite of earlier conclusions for steady states, the nil rate of time preference case associated with multiplicatively separable generators cannot anymore be discarded.

Suggested Citation

  • Jean-Pierre Drugeon, 2000. "On the roles of impatiencein homothetic growth paths," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 15(1), pages 139-161.
    • Handle: RePEc:spr:joecth:v:15:y:2000:i:1:p:139-161
    Note: Received: July 10, 1997; revised version: January 18, 1999
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    Citations

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    Cited by:

    1. ZHANG, Wei-Bin, 2013. "Habit Formation And Preference Change In A Twosector Growth Model With Elastic Labor Supply," Academica Science Journal, Economica Series, Dimitrie Cantemir University, Faculty of Economical Science, vol. 1(2), pages 3-20, May.
    2. Wei-Bin ZHANG, 2012. "Habits, Saving Propensity, And Economic Growth," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 11(2), pages 3-15.
    3. Michel, Philippe & Thibault, Emmanuel & Vidal, Jean-Pierre, 2006. "Intergenerational altruism and neoclassical growth models," Handbook on the Economics of Giving, Reciprocity and Altruism, in: S. Kolm & Jean Mercier Ythier (ed.), Handbook of the Economics of Giving, Altruism and Reciprocity, edition 1, volume 1, chapter 15, pages 1055-1106, Elsevier.
    4. Jorge Durán & Omar Licandro & Luis A. Puch, 2006. "Sobre la medición del crecimiento económico en presencia de progreso técnico incorporado," Working Papers 2006-24, FEDEA.
    5. Wei-Bin Zhang, 2013. "Dynamic Interactions among Growth, Environmental Change, Habit Formation, and Preference Change," The International Journal of Economic Behavior - IJEB, Faculty of Business and Administration, University of Bucharest, vol. 3(1), pages 3-25, December.
    6. Wei-Bin Zhang, 2016. "Population Growth And Preference Change In A Generalized Solow Growth Model With Gender Time Distributions," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 7-30, September.
    7. Zhang Wei-Bin, 2013. "Habit Formation and Preference Change with Capital and Renewable Resources," Business Systems Research, Sciendo, vol. 4(2), pages 108-125, December.

    More about this item

    Keywords

    Impatience; Homothetic growth.;

    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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