Erratic accumulation

Jess Benhabib, Richard H. Day

    Research output: Contribution to journalArticle

    Abstract

    We study a simple, deterministic overlapping-generations model with capital accumulation where the discount rate of each generation is positively related to its lifetime wealth. We show that the trajectories for the capital stock can be periodic of arbitrary high order or totally aperiodic and chaotic and even ergodic.

    Original languageEnglish (US)
    Pages (from-to)113-117
    Number of pages5
    JournalEconomics Letters
    Volume6
    Issue number2
    DOIs
    StatePublished - 1980

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    Trajectory
    Capital accumulation
    Discount rate
    Wealth
    Overlapping generations model
    Capital stock

    ASJC Scopus subject areas

    • Finance
    • Economics and Econometrics

    Cite this

    Benhabib, J., & Day, R. H. (1980). Erratic accumulation. Economics Letters, 6(2), 113-117. https://doi.org/10.1016/0165-1765(80)90067-1

    Erratic accumulation. / Benhabib, Jess; Day, Richard H.

    In: Economics Letters, Vol. 6, No. 2, 1980, p. 113-117.

    Research output: Contribution to journalArticle

    Benhabib, J & Day, RH 1980, 'Erratic accumulation', Economics Letters, vol. 6, no. 2, pp. 113-117. https://doi.org/10.1016/0165-1765(80)90067-1
    Benhabib, Jess ; Day, Richard H. / Erratic accumulation. In: Economics Letters. 1980 ; Vol. 6, No. 2. pp. 113-117.
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