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math.OC2019
The Nonlocal Ramsey Model for an Interacting Economy
L. Frerick, G. Müller-Fürstenberger, E. W. Sachs +1
The Ramsey model, first introduced by F. Ramsey in 1928, has become a cornerstone in the economic growth theory. Combined with the Solow model in the 1950s by the economists Cass (…
math.OC2019
Pareto-Optima for a Generalized Ramsey Model
L. Frerick, G. Müller-Fürstenberger, E. W. Sachs +1
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…