Pareto-Optima for a Generalized Ramsey Model
Optimization and Control
2019-09-04 v1
Abstract
We consider a Ramsey model with several households with heterogeneous preferences who are able to borrow capital to each other. Since the capital constraints of one household then depends on the others' capital, one can no longer optimize each household's welfare individually. This problem formulation leads to a Pareto optimization problem. We consider existence and first order optimality conditions as well as some numerical results.
Cite
@article{arxiv.1909.01294,
title = {Pareto-Optima for a Generalized Ramsey Model},
author = {L. Frerick and G. Müller-Fürstenberger and E. W. Sachs and L. Somorowsky},
journal= {arXiv preprint arXiv:1909.01294},
year = {2019}
}