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Pré-publication, Document de travail Année : 2018

On a Simple Equilibrium with Heterogeneous Quasi-Hyperbolic Discounting Agents

Résumé

This article considers the long-run equilibrium distribution of an economy populated by heterogenous and present biased quasi-hyperbolic discounting agents. In a first configuration with logarithmic utility functions and Cobb-Douglas production technologies, this article establishes the existence and the uniqueness of the equilibrium: only one agent, determined by the highest value of a coefficient building from both the degree of present bias and the rate of discount, will have a positive long-run consumption and a positive long-run wealth. A second configuration with constant elasticities of substitution utilities and linear production technologies is then considered. This article similarly establishes the existence and the uniqueness of the equilibrium. There is generically a unique agent with the highest growth rate for his consumption and his wealth. This agent is determined by both preferences and technology parameters and may change following a technological shock.
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Dates et versions

halshs-01962004, version 1 (20-12-2018)

Identifiants

  • HAL Id : halshs-01962004 , version 1

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Jean-Pierre Drugeon, Bertrand Wigniolle. On a Simple Equilibrium with Heterogeneous Quasi-Hyperbolic Discounting Agents. 2018. ⟨halshs-01962004⟩
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