关于火柴盒两部门模型的可持续性和生存性:最优灭绝的完整刻画
On Sustainability and Survivability in the Matchbox Two-Sector Model: A Complete Characterization of Optimal Extinction
摘要:
我们提供了一个完整的表征最优灭绝的两部门模型的经济增长通过三个结果,令人惊讶的是,在他们的简单性和复杂性。(i)当贴现因子低于一个由著名的$δ$ -正态条件确定的阈值时,经济的资本在长期内会消失。(ii)当且仅当投资品部门是资本密集型的,这种灭绝才可能被错开。(iii)我们发现了一个序列的阈值的折扣因子,确定了一个家庭的理性功能,代表分叉的最佳延期的路径上灭绝。我们还报告了该模型的各种特殊情况,与不可持续的技术和平等的资本强度,展示了长期的最优增长,所有的热门话题,所有被忽视的先行文献。
英文摘要:
We provide a complete characterization of optimal extinction in a two-sector model of economic growth through three results, surprising in both their simplicity and intricacy. (i) When the discount factor is below a threshold identified by the well-known $δ$-normality condition for the existence of a stationary optimal stock, the economy's capital becomes extinct in the long run. (ii) This extinction may be staggered if and only if the investment-good sector is capital intensive. (iii) We uncover a sequence of thresholds of the discount factor, identified by a family of rational functions, that represent bifurcations for optimal postponements on the path to extinction. We also report various special cases of the model having to do with unsustainable technologies and equal capital intensities that showcase long-term optimal growth, all of topical interest and all neglected in the antecedent literature.
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