Научный семинар "Heterogeneity in OLG model with horizontal innovations". Антон Беляков (Vienna University of Technology).
Публичный научный семинар.
Докладчик: Антон Беляков (Vienna University of Technology). "Heterogeneity in OLG model with horizontal innovations" (статья написана в соавторстве с Josef L. Haunschmied и Vladimir M. Veliov)
Антон Беляков (Vienna University of Technology), презентация статьи "Heterogeneity in OLG model with horizontal innovations", написанной в соавторстве с Josef L. Haunschmied и Vladimir M. Veliov
A general equilibrium endogenous growth model is developed involving heterogeneous consumption by an age-structured population with uncertain but limited life span and balanced life-time budget without bequests. The heterogeneity is introduced via weights which the individuals attribute in their utility function to consumption of different goods depending on the vintage of the good. The goods are produced by monopolistically competitive firms and the variety of available goods/technologies is determined endogenously through R\&D investments. A competitive bank sector provides financial resources for investments, secured by agents' savings and future firms profits. The general equilibrium is characterized by a system of functional equations and is analytically or numerically determined for several particular weight functions. It is shown that the investments by agents alone may be insufficient to sustain growth, while additional investments provided by the bank sector may lead to
growth. The resulting imbalance between agents' assets and the total value of firms can grow unboundedly in the case of homogeneous consumption. The results exhibit the qualitative difference between the dynamics of the model with heterogeneous versus homogeneous consumption. In particular heterogeneous consumption (when old goods are discounted) reduces the additional investments by the financial sector so that the values of firms become balanced by the assets of agents in the long run.