Strategic interaction and catching up

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dc.citation.epage181en_US
dc.citation.issueNumber2en_US
dc.citation.spage168en_US
dc.citation.volumeNumber68en_US
dc.contributor.authorÖzer, M.en_US
dc.contributor.authorSağlam, Ç.en_US
dc.date.accessioned2018-04-12T10:39:46Z
dc.date.available2018-04-12T10:39:46Z
dc.date.issued2016en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractIn this study, we prove that the strategic interaction among agents differing in initial wealth levels leads the poor to be able to catch up with the rich, which is not the case for the standard Ramsey model where the initial wealth differences perpetuate. Extending the analysis to account for relative wealth concern and the adjustment cost of consumption, the strategic interaction among agents is shown to affect not only the distribution of wealth in the long run but also the transitional dynamics substantially. In particular, we show that structurally very simple frameworks may lead to limit cycles thanks to the strategic interaction among agents in the economy. © 2015 Board of Trustees of the Bulletin of Economic Research and John Wiley & Sons Ltd.en_US
dc.description.provenanceMade available in DSpace on 2018-04-12T10:39:46Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 179475 bytes, checksum: ea0bedeb05ac9ccfb983c327e155f0c2 (MD5) Previous issue date: 2016en
dc.identifier.doi10.1111/boer.12053en_US
dc.identifier.eissn1467-8586
dc.identifier.issn0307-3378
dc.identifier.urihttp://hdl.handle.net/11693/36433en_US
dc.language.isoEnglishen_US
dc.publisherWiley-Blackwell Publishingen_US
dc.relation.isversionofhttp://dx.doi.org/10.1111/boer.12053en_US
dc.source.titleBulletin of Economic Researchen_US
dc.subjectCatching upen_US
dc.subjectHopf bifurcationen_US
dc.subjectOpen-loop Nash equilibriumen_US
dc.subjectRamsey modelen_US
dc.subjectConsumption behavioren_US
dc.subjectCost analysisen_US
dc.subjectNumerical modelen_US
dc.titleStrategic interaction and catching upen_US
dc.typeArticleen_US

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