Erratic accumulation |
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| Authors: | Jess Benhabib Richard H Day |
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| Institution: | New York University, New York, NY 10003, USA;University of Southern California, Los Angeles, CA 90007, USA |
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| Abstract: | We study a simple, deterministic overlapping-generations model with capital accumulation where the discount rate of each generation is positively related to its lifetime wealth. We show that the trajectories for the capital stock can be periodic of arbitrary high order or totally aperiodic and chaotic and even ergodic. |
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