Andrea Beltratti , Garciela Chichilnisky , Geoffrey Heal
{"title":"The environment and the long run: a comparison of different criteria","authors":"Andrea Beltratti , Garciela Chichilnisky , Geoffrey Heal","doi":"10.1016/0035-5054(94)90011-6","DOIUrl":"https://doi.org/10.1016/0035-5054(94)90011-6","url":null,"abstract":"<div><p>We use growth models with natural resources to study the consequences of a ranking of intertemporal paths, due to Chichilnisky, which places weight on their very long run or limiting characteristics as well as on their characteristics over any finite period. This criterion shows more intertemporal symmetry or egalitarianism than the discounted utilitarian approach, which clearly emphasizes the immediate future at the expense of the long run. In this respect it captures the concenrs of those who argue for sustainability and for a heightened sense of responsibility to the future. In some of the examples that we consider, the long-run characteristics of paths optimal by this criterion are a mixture of those of utilitarian paths and the “green golden rule” (the configuration which maximizes long-run sustainable utility from consumption and environment).</p></div>","PeriodicalId":101136,"journal":{"name":"Ricerche Economiche","volume":"48 4","pages":"Pages 319-340"},"PeriodicalIF":0.0,"publicationDate":"1994-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0035-5054(94)90011-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92078511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Theories of savings and economic growth","authors":"Giuseppe Bertola","doi":"10.1016/0035-5054(94)90008-6","DOIUrl":"10.1016/0035-5054(94)90008-6","url":null,"abstract":"<div><p>This paper reviews different approaches to the study of individual saving behaviour and aggregate saving propensities, and discusses the role of the latter in the process of economic growth. While savings were strictly linked to income sources by Classical and Post-Keynesian theories, simple partial-equilibrium models explain individual saving decisions in the light of private investment returns and labour-income dynamics. If optimal saving decisions are embedded in a dynamic general equilibrium framework of analysis, however, the parameters of individual saving problems are jointly determined by aggregate savings and investment outcomes, and ultimately by the character of income distribution at the aggregate level. The paper concludes noting formal and substantial similarities between some aspects of earlier theories and recent developments.</p></div>","PeriodicalId":101136,"journal":{"name":"Ricerche Economiche","volume":"48 4","pages":"Pages 257-277"},"PeriodicalIF":0.0,"publicationDate":"1994-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0035-5054(94)90008-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81381497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On discount, temporal justice, sustainability and limited foresight","authors":"K.-E. Eriksson","doi":"10.1016/0035-5054(94)90012-4","DOIUrl":"10.1016/0035-5054(94)90012-4","url":null,"abstract":"<div><p>Intertemporal resource allocation with zero rate of time preference is discussed. With time translation invariance, the Hamiltonian, i.e. the total welfare flow, is conserved. This conservation law, the counterpart of the energy principle in analytical mechanics, thus expresses intertemporal justice.</p><p>The effect of a limited foresight is taken into account. Planning is done within a limited but diffuse time horizon, and planning beyond the horizon is left to future generations. The heritage handed over to future generations is valued in terms of the welfare flow that it makes possible. The result is a goal function with a non-zero discount rate but also with a complement to the utility term, describing the buildup of long-term productive stocks. This extra term thus counteracts the discount of the future. The resulting goal function is shown to be an<em>estimate of the present value of a total welfare</em>.</p></div>","PeriodicalId":101136,"journal":{"name":"Ricerche Economiche","volume":"48 4","pages":"Pages 341-355"},"PeriodicalIF":0.0,"publicationDate":"1994-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0035-5054(94)90012-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74868735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Awareness and growth: information externalities in endogenous growth","authors":"Daniel Le´onard","doi":"10.1016/0035-5054(94)90010-8","DOIUrl":"10.1016/0035-5054(94)90010-8","url":null,"abstract":"<div><p>This paper develops a general version of an endogenous growth model due to Barro. The focus is on the level of awareness of the private sector of the fiscal constraints that bind government policies. It is proved that, except in very special cases, optimal tax regimes are not constant and require detailed knowledge by government of technology, tastes and level of awareness; this casts doubts on the robustness of the model and its validity for policy recommendation.</p></div>","PeriodicalId":101136,"journal":{"name":"Ricerche Economiche","volume":"48 4","pages":"Pages 299-317"},"PeriodicalIF":0.0,"publicationDate":"1994-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0035-5054(94)90010-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77700193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Structural consistency and strategic independence in extensive games","authors":"Pierpaolo Battigalli","doi":"10.1016/0035-5054(94)90013-2","DOIUrl":"10.1016/0035-5054(94)90013-2","url":null,"abstract":"<div><p>In this note I provide a formulation of the joint principle of structural consistency and strategic independence, which is used to model players' expectations in finite extensive games. I compare updating systems of conjectures and conditional probability systems, showing that they represent equivalent formalizations of structural consistency. The notion of strategic independence cannot be adequately formalized by properties of updating systems of conjectures. However, it can be naturally translated in an intuitive stochastic independence property for conditional probability systems.</p></div>","PeriodicalId":101136,"journal":{"name":"Ricerche Economiche","volume":"48 4","pages":"Pages 357-376"},"PeriodicalIF":0.0,"publicationDate":"1994-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0035-5054(94)90013-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80556535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Monopolistic competition, indeterminacy and growth","authors":"Jess Benhabib , Roberto Perli , Danyang Xie","doi":"10.1016/0035-5054(94)90009-4","DOIUrl":"10.1016/0035-5054(94)90009-4","url":null,"abstract":"<div><p>In this paper we analyse the dynamics of both Romer's original model of endogenous growth and of a modified version where the level of labour and human capital are determined endogenously. We find that the original model can have an indeterminate Balanced Growth Path (BGP) if there is some degree of complementarity between the intermediate inputs, and if agents have a high intertemporal elasticity of substitution of consumption. Once we allow for the endogenous determination of labour and of total human capital, we find that equilibrium can be indeterminate with a much lower elasticity of intertemporal substitution of consumption. Moreover, if some modest increasing returns are introduced into the production function for human capital, the issue of global as opposed to local indeterminacy arises: this refers to situations when there exist multiple determinate BGPs, but where the global dynamics is still indeterminate from given initial conditions.</p></div>","PeriodicalId":101136,"journal":{"name":"Ricerche Economiche","volume":"48 4","pages":"Pages 279-298"},"PeriodicalIF":0.0,"publicationDate":"1994-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0035-5054(94)90009-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84797154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The neighbourhood turnpike property for continuous-time optimal growth models","authors":"Luigi Montrucchio","doi":"10.1016/0035-5054(94)90025-6","DOIUrl":"10.1016/0035-5054(94)90025-6","url":null,"abstract":"<div><p>In this paper the neighbourhood turnpike theorem is proved for continuous-time optimal growth models with positive discounting. The main assumption to be made is a strong concavity property for the instantaneous utility function, whereas no differentiability assumption is added.</p></div>","PeriodicalId":101136,"journal":{"name":"Ricerche Economiche","volume":"48 3","pages":"Pages 213-224"},"PeriodicalIF":0.0,"publicationDate":"1994-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0035-5054(94)90025-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86454468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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