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| Tekijä: | Lei, V. Noussair, C. N. |
| Otsikko: | An Experimental Test of an Optimal Growth Model |
| Lehti: | American Economic Review
2002 : JUN, VOL. 92:3, p. 549-570 |
| Asiasana: | TESTS GROWTH MODELS ANALYTICAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | This paper describes the design and behavior of an experimental economy with the structure of the Ramsey- Cass-Koopmans model of optimal growth. The experiment includes three different implementations of the model: a decentralized implementation with multiple agents and a market for capital, a treatment where individual subjects are placed in the role of social planners, and a treatment where the social planner consists of five agents making a joint decision. The findings highlight the role of market institutions in facilitating convergence to the optimal steady state. The paper provides a substantial list of references on this subject. |
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