Indeterminacy in a model with sector-specific externalities
Indeterminacy in a model with sector-specific externalities
复制标题
DOI：
10.1016/s0165-1889(99)00040-8
复制
发表时间：
2001-05-01
影响因子：
1.9
通讯作者：
Harrison, SG
中科院分区：
文献类型：
--
作者：
Harrison, SG
我研究了一个有两个生产部门的模型：消费和投资。在该模型中，均衡结果的不确定性是由于生产中存在小的特定部门的外部性。事实上，我发现，不确定性的结果与一定的，最小值的外部性在投资部门，即使没有外部性在消费部门。我发现，该模型的不确定性的性质不同，这取决于效用函数的形式。例如，对于消费中对数的效用，这些属性完全独立于消费部门的外部性价值。(C)2001 Elsevier Science B.V.保留所有权利。
I examine a model with two sectors of production: consumption and investment. In the model, indeterminacy of equilibria results due to the presence of small sector-specific externalities in production. In fact, I find that indeterminacy results with a certain, minimum value of the externality in the investment sector, even with no externality in the consumption sector. I find that the indeterminacy properties of the model vary, depending on the form of the utility function. For example, with utility that is logarithmic in consumption, these properties are completely independent of the value of the externality in the consumption sector. (C) 2001 Elsevier Science B.V. All rights reserved.