Saddle-node bifurcations in an optimal growth model with preferences for wealth habit

被引：1

作者：

Saglam, Cagri ^{[1
]}

Turan, Agah ^{[1
]}

Turan, Hamide ^{[1
]}

机构：

[1] Bilkent Univ, Dept Econ, Ankara, Turkey

来源：

STUDIES IN NONLINEAR DYNAMICS AND ECONOMETRICS | 2014年 / 18卷 / 02期

关键词：

Wealth habit; Threshold dynamics; Saddle-node bifurcation; EQUILIBRIUM; DYNAMICS; STOCK;

D O I：

10.1515/snde-2012-0050

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the dynamic implications of preferences for wealth habit in a one-sector optimal growth model. We show that the dynamics may encounter saddle-node bifurcations with respect to the parameters of the preferences: the relative weight of wealth in utility and the degree of wealth habit. We analytically provide the monotone comparative statics and the continuity of the critical capital stock with respect to the discount factor, the relative weight of wealth in utility and the degree of wealth habit.

引用

页码：145 / 156

页数：12

共 14 条

[1] Monotonicity and continuity of the critical capital stock in the Dechert-Nishimura model [J].