In this paper, we study a discrete-time version of the Lucas model with externality but without physical capital. We give conditions for which the optimal human capital sequences are increasing. When the instantaneous utility function is isoelastic and the production function is Cobb-Douglas, we prove that the optimal human capital sequences grow at constant rate. Moreover, there exists a unique equilibrium which, under an additional assumption on the human capital technology, is also the unique competitive equilibrium.
Publié le : 2004-04-05
Classification:
Lucas Model,
Human Capital,
Externalities,
Optimal Growth,
Social Planner,
Equilibrium,
[SHS.ECO]Humanities and Social Sciences/Economies and finances,
[MATH.MATH-OC]Mathematics [math]/Optimization and Control [math.OC]
@article{halshs-00119011,
author = {Gourdel, Pascal and Hoang Ngoc, Liem and Le Van, Cuong and Mazamba, T\'edi\'e},
title = {Equilibrium and Competitive Equilibrium in a Discrete-Time Lucas Model},
journal = {HAL},
volume = {2004},
number = {0},
year = {2004},
language = {en},
url = {http://dml.mathdoc.fr/item/halshs-00119011}
}
Gourdel, Pascal; Hoang Ngoc, Liem; Le Van, Cuong; Mazamba, Tédié. Equilibrium and Competitive Equilibrium in a Discrete-Time Lucas Model. HAL, Tome 2004 (2004) no. 0, . http://gdmltest.u-ga.fr/item/halshs-00119011/