全球智库信息集成服务系统(G2TT): Revisiting the Lucas model.

G2TT

来源类型	Other
规范类型	其他
	Revisiting the Lucas model.
	Skritek B; Crespo Cuaresma J; Kryazhimskiy AV; Prettner K; Prskawetz A; Rovenskaya E
发表日期	2015
出处	[[ECON WPS]] - Vienna University of Technology Working Papers in Economic Theory and Policy, No. 03/2015 [2015]
出版年	2015
语种	英语
摘要	We revisit the influential economic growth by Lucas(1988) ["On the mechanics of economic development." Journal of Monetary Econmomics, 22(1):3-42], assuming that households optimally allocate consumption and education over the life-cycle given an exogenous interst rate and exogenous wages. We show that in such a partial equilibrium setting, the original two-state (physical capital and human capital) optimization problem can be decomposed into two single-state optimal control models. This transformation allows us to rigorously prove the existence of a singular control describing the allocation of education time along a balanced growth path. We derive a constructive condition for a singular control to exist and show that under this condition definitely many singular controls are optimal in the individual household problem. In contrast to the original general equilibrium framework in which an agent always chooses part-time education and part-time work, in our framework such an agent might find it optimal tp allocate her whole available time to education at the beginning of her life and to focus on labor supply only when she is older.
主题	Advanced Systems Analysis (ASA) ; World Population (POP)
关键词	optimal lifetime education optimal control singular control
URL	http://pure.iiasa.ac.at/id/eprint/11615/
来源智库	International Institute for Applied Systems Analysis (Austria)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/135644
推荐引用方式 GB/T 7714	Skritek B,Crespo Cuaresma J,Kryazhimskiy AV,et al. Revisiting the Lucas model.. 2015.