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2014 The Long-Run Behavior of Consumption and Wealth Dynamics in Complete Financial Market with Heterogeneous Investors
Darong Dai
J. Appl. Math. 2014: 1-16 (2014). DOI: 10.1155/2014/482314

Abstract

A type of complete financial market with finite and countable heterogeneous investors, that is, investors equipped with heterogeneous elasticities of intertemporal substitution, heterogeneous time discount rates, and also heterogeneous beliefs, is constructed and two main results are established. First, long-run behaviors, specifically golden rules or modified golden rules, about consumption path and wealth accumulation are investigated under uncertainty and in the sense of uniform topology. Second, inefficacy of temporary taxation policies, which are chosen to be consumption tax and wealth tax, is confirmed in the current financial market.

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Darong Dai. "The Long-Run Behavior of Consumption and Wealth Dynamics in Complete Financial Market with Heterogeneous Investors." J. Appl. Math. 2014 1 - 16, 2014. https://doi.org/10.1155/2014/482314

Information

Published: 2014
First available in Project Euclid: 2 March 2015

zbMATH: 07131627
MathSciNet: MR3240620
Digital Object Identifier: 10.1155/2014/482314

Rights: Copyright © 2014 Hindawi

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