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| Author: | Karni, E. Zilcha, I. |
| Title: | Saving behavior in stationary equilibrium with random discounting |
| Journal: | Economic Theory
2000 : VOL. 34:1/2, p. 551-564 |
| Index terms: | SAVINGS EQUILIBRIUM THEORY ECONOMICS |
| Language: | eng |
| Abstract: | The authors study the implications of random discount rates of future generations for saving behavior and capital holdings in a steady state competitive equilibrium with heterogeneous households population. A well-known difficulty in deterministic economies with heterogeneous households is that in steady state only the most patient households hold capital. In this paper the authors state conditions under which this random discounting is sufficient for households other than the most patient ones to save. |
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