Strategic interaction and catching up
dc.citation.epage | 181 | en_US |
dc.citation.issueNumber | 2 | en_US |
dc.citation.spage | 168 | en_US |
dc.citation.volumeNumber | 68 | en_US |
dc.contributor.author | Özer, M. | en_US |
dc.contributor.author | Sağlam, Ç. | en_US |
dc.date.accessioned | 2018-04-12T10:39:46Z | |
dc.date.available | 2018-04-12T10:39:46Z | |
dc.date.issued | 2016 | en_US |
dc.department | Department of Economics | en_US |
dc.description.abstract | In 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.provenance | Made 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: 2016 | en |
dc.identifier.doi | 10.1111/boer.12053 | en_US |
dc.identifier.eissn | 1467-8586 | |
dc.identifier.issn | 0307-3378 | |
dc.identifier.uri | http://hdl.handle.net/11693/36433 | en_US |
dc.language.iso | English | en_US |
dc.publisher | Wiley-Blackwell Publishing | en_US |
dc.relation.isversionof | http://dx.doi.org/10.1111/boer.12053 | en_US |
dc.source.title | Bulletin of Economic Research | en_US |
dc.subject | Catching up | en_US |
dc.subject | Hopf bifurcation | en_US |
dc.subject | Open-loop Nash equilibrium | en_US |
dc.subject | Ramsey model | en_US |
dc.subject | Consumption behavior | en_US |
dc.subject | Cost analysis | en_US |
dc.subject | Numerical model | en_US |
dc.title | Strategic interaction and catching up | en_US |
dc.type | Article | en_US |
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