Optimal growth when tastes are inherited
β
David de la Croix; Philippe Michel
π
Article
π
1999
π
Elsevier Science
π
English
β 210 KB
We address the issue of optimal growth when standard-of-living aspirations are transmitted from one generation to the next. We derive the condition for the optimal solution to be stable in the saddle-point sense and show that this optimal solution may display damped oscillations even when the planne