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Capital accumulation with tangible assets
[Zeitschriftenartikel]
Abstract The paper develops a neoclassical growth model with capital accumulation and a retradable tangible asset in an overlapping generations framework. It analyzes its effect on the dynamics of capital accumulation. Two period lived consumers hold portfolios consisting of real capital and the tangible ass... mehr
The paper develops a neoclassical growth model with capital accumulation and a retradable tangible asset in an overlapping generations framework. It analyzes its effect on the dynamics of capital accumulation. Two period lived consumers hold portfolios consisting of real capital and the tangible asset. It is shown that the possibility of trading the tangible asset as an alternative to capital may cause the coexistence of stable steady states with high and low levels of capital and with disjoint basins of attraction. Thus, the so-called poverty trap may appear purely endogenously generated as a consequence of asset trading alone. The possibility of the occurrence of the poverty trap is reduced as factors of production become more substitutable. However, the result is robust for continua of homogeneous as well as heterogeneous consumers.... weniger
Klassifikation
Volkswirtschaftslehre
Freie Schlagwörter
Capital accumulation; Existence and stability of equilibria; Portfolio choice; Poverty trap; Tangible asset; C62; D91; G11; G12; O11
Sprache Dokument
Englisch
Publikationsjahr
2008
Seitenangabe
S. 248-257
Zeitschriftentitel
Journal of Economic Behavior & Organization, 68 (2008) 1
DOI
https://doi.org/10.1016/j.jebo.2008.04.005
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)