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Equilibrium in a dynamic game of capital accumulation with the overtaking criterion

✍ Scribed by Andrzej S. Nowak


Book ID
116421794
Publisher
Elsevier Science
Year
2008
Tongue
English
Weight
171 KB
Volume
99
Category
Article
ISSN
0165-1765

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This paper presents a model of an economy with two representative agents (a capitalist and a worker) who play an in"nite-horizon dynamic game about income distribution. We consider three types of equilibria, which correspond to joint price-taking (Walrasian equilibrium) and to wage-setting by either