Necessary and sufficient conditions for representative individual existence in a Ramsey-type model |
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| Authors: | I. F. Gimaltdinov |
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| Affiliation: | 14143. Faculty of Computational Mathematics and Cybernetics, Moscow State University, Moscow, 119991, Russia
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| Abstract: | This work addresses the aggregation behavior of heterogeneous households in a Ramsey-type growth model. Households are heterogeneous according to level of wages, initial capital, the coefficient of intertemporal preferences, and the coefficient of risk aversion. Necessary and sufficient conditions for the existence of a representative individual were obtained. |
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