A family production overlapping generations economy |
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Authors: | Laurent L Cellarier |
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Institution: | Department of Economics and Finance, University of Guelph, Guelph, Ontario, Canada N1G 2W1 |
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Abstract: | This paper provides a theoretical analysis of an overlapping generations economy in which production decisions and input–output allocations are all carried out at the family level. I consider a single class of output allocation schemes and various degrees of knowledge about the production technology. Under complete knowledge, I show that a family organizational structure in which everyone receives his marginal contribution to output, invests less in physical capital than under a perfectly competitive equilibrium environment. Under incomplete knowledge, I analyze and compare how beliefs about the input–output relationship affect the physical capital accumulation dynamics and the long-run standards of living. |
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Keywords: | C62 D84 D91 |
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