Koopmans recursive preferences and income convergence

摘要: Abstract Stiglitz (Econometrica 37 (1969) 382) shows income convergence in a many-agent Solow growth model with integrated capital markets (ICM). The Ramsey (MARM) without ICM also gives convergence. With MARM, equal discount rates, and ICM, of incomes (as opposed to product per capita) cannot occur. These results depend upon fixed saving propensities (Stiglitz) or separable additive preferences (Ramsey). Non-convergence is shown when are identical Koopmans (KS). Endogenous rates may violate KS. A for that case developed when, even under favourable assumptions, oscillations chaotic dynamics result.