The genuine savings criterion and the value of population in an economy with endogenous fertility rate
Research output: Chapters, Conference Papers, Creative and Literary Works › RGC 12 - Chapter in an edited book (Author) › peer-review
Author(s)
Detail(s)
| Original language | English |
|---|---|
| Title of host publication | Optimal Control of Age-Structured Populations in Economy, Demography, and the Environment |
| Editors | Raouf Boucekkine, Natali Hritonenko, Yuri Yatsenko |
| Publisher | Routledge |
| Chapter | 1 |
| Pages | 20-44 |
| Edition | 1st |
| ISBN (electronic) | 978–0–203–84455–7 |
| ISBN (print) | 978–0–415–77651–6 |
| Publication status | Published - 2011 |
| Externally published | Yes |
Link(s)
Abstract
We study an economy in which the rate of population change depends on population policy decisions. This requires population as well as capital as state variables. By showing the algebraic relationship between the shadow price of the population and the shadow price of the per capita capital stock, we are still able to depict the optimal path and its convergence to the long-run equilibrium on a twodimensional phase diagram. Moreover, we derive explicitly the expression of genuine savings in our model to evaluate the sustainability of the system.
Citation Format(s)
The genuine savings criterion and the value of population in an economy with endogenous fertility rate. / Arrow, Kenneth J.; Bensoussan, Alain; Feng, Qi et al.
Optimal Control of Age-Structured Populations in Economy, Demography, and the Environment. ed. / Raouf Boucekkine; Natali Hritonenko; Yuri Yatsenko. 1st. ed. Routledge, 2011. p. 20-44.
Optimal Control of Age-Structured Populations in Economy, Demography, and the Environment. ed. / Raouf Boucekkine; Natali Hritonenko; Yuri Yatsenko. 1st. ed. Routledge, 2011. p. 20-44.
Research output: Chapters, Conference Papers, Creative and Literary Works › RGC 12 - Chapter in an edited book (Author) › peer-review
