haku: @indexterm time consistency / yhteensä: 10
viite: 3 / 10
| Tekijä: | Azzimonti, M. Francisco de, E. Krusell, P. |
| Otsikko: | Median-voter equilibria on the neoclassical growth model under aggregation |
| Lehti: | Scandinavian Journal of Economics
2006 : VOL. 108:4, p. 587-606 |
| Asiasana: | time consistency voting |
| Vapaa asiasana: | aggregation redistribution |
| Kieli: | eng |
| Tiivistelmä: | This article studies a dynamic version of Meltzer and Richard's median-voter model where agents differ in wealth and taxes are proportional to income and are redistributed as equal lump-sum transfers. It suggest that voting occurs every period and each consumer votes for the tax that maximizes his welfare. This article characterizes time-consistent Markov-perfect equilibria twofold and its method for solving the steady state relies on a polynomial expansion around the steady state. |
SCIMA