当"老鼠赛跑"意味着代际财富陷阱
When a `rat race' implies an intergenerational wealth trap
摘要：
关于代际结果的两个关键问题是：一，不同社会或经济阶层之间是否存在重大障碍或陷阱;二，代际结果在多大程度上确实（或可以用来）影响个人投资和消费决策。我们开发了一个模型，明确地涉及这两个问题，并证明了第一个这样的“老鼠赛跑”定理，表明高水平的个人投资和存在的财富陷阱，陷阱，否则相同的代理人在较低的财富水平之间存在着一个基本的关系。我们的代际财富动态的简单模型涉及到平衡当前消费与对单个后代投资的代理人。然后，投资通过一个潜在的非线性和不连续的竞争力函数来决定后代的财富，对此我们不做任何假设。从这个模型中，我们展示了如何推断这样的竞争力功能的投资，随着几何标准，以确定个人的决定。此外，我们调查的财富分布的稳定性，本地扰动和引进新的代理人没有财富。
英文摘要：
Two critical questions about intergenerational outcomes are: one, whether significant barriers or traps exist between different social or economic strata; and two, the extent to which intergenerational outcomes do (or can be used to) affect individual investment and consumption decisions. We develop a model to explicitly relate these two questions, and prove the first such `rat race' theorem, showing that a fundamental relationship exists between high levels of individual investment and the existence of a wealth trap, which traps otherwise identical agents at a lower level of wealth. Our simple model of intergenerational wealth dynamics involves agents which balance current consumption with investment in a single descendant. Investments then determine descendant wealth via a potentially nonlinear and discontinuous competitiveness function about which we do not make concavity assumptions. From this model we demonstrate how to infer such a competitiveness function from investments, along with geometric criteria to determine individual decisions. Additionally we investigate the stability of a wealth distribution, both to local perturbations and to the introduction of new agents with no wealth.
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