Quasi equilibria for growth economies

We find preferences that discount utility from future consumption yet violate the standard growth condition in representative-agent endowment economies. Such economies have no competitive equilibria, but have quasi equilibria. The supporting price systems include a type of speculative bubble.

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Bibliographische Detailangaben
Veröffentlicht in:	Economics letters 2009-12, Vol.105 (3), p.197-199
1. Verfasser:	Burke, Jonathan L.
Format:	Artikel
Sprache:	eng
Schlagworte:	Competitive equilibria Competitive equilibria Quasi equilibria Speculative bubble Competitiveness Consumption Economic growth Equilibrium Preferences Quasi equilibria Speculative bubble
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Beschreibung
Zusammenfassung:	We find preferences that discount utility from future consumption yet violate the standard growth condition in representative-agent endowment economies. Such economies have no competitive equilibria, but have quasi equilibria. The supporting price systems include a type of speculative bubble.
ISSN:	0165-1765 1873-7374
DOI:	10.1016/j.econlet.2009.07.005