| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25363 |
| 来源ID | Working Paper 25363 |
| Equilibrium Analysis in the Behavioral Neoclassical Growth Model | |
| Daron Acemoglu; Martin Kaae Jensen | |
| 发表日期 | 2018-12-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Rich behavioral biases, mistakes and limits on rational decision-making are often thought to make equilibrium analysis much more intractable. We show that this is not the case in the context of the neoclassical growth model (potentially incorporating incomplete markets and distortions). We break down the response of the economy to a change in the environment or policy into two parts: a direct response at a given vector of prices, and an equilibrium response that plays out as prices change. We refer to a change as a “local positive shock” if the direct response, when averaged across households, increases aggregate savings. Our main result shows that under weak regularity conditions, regardless of the details of behavioral preferences, mistakes and constraints on decision-making, the long-run equilibrium will involve a greater capital-labor ratio if and only if we start with a local positive shock. One implication of this result is that, from a qualitative point of view, behavioral biases matter for long-run equilibrium if and only if they change the direction of the direct response. We show that these aggregate predictions are coupled with individual-level “indeterminacy”: nothing much can be said about individual behavior. |
| 主题 | Microeconomics ; General Equilibrium ; Behavioral Economics ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w25363 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583037 |
| 推荐引用方式 GB/T 7714 | Daron Acemoglu,Martin Kaae Jensen. Equilibrium Analysis in the Behavioral Neoclassical Growth Model. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25363.pdf（662KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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