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Related Experiment Video

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Generating Strictly Controlled Stimuli for Figure Recognition Experiments

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On Ramsey's conjecture.

Tapan Mitra¹, Gerhard Sorger²

¹Department of Economics, Cornell University, Ithaca NY, USA.

Journal of Economic Theory

|June 14, 2014

Summary

This summary is machine-generated.

In the long run, Ramsey

Keywords:

Continuous-time formulation Efficiency Global asymptotic stability Ramsey conjecture Ramsey equilibrium Turnpike property

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Area of Science:

Economics
Mathematical Economics
General Equilibrium Theory

Background:

The Frank P. Ramsey model analyzes optimal economic growth.
Heterogeneous households and no-borrowing constraints are key features.
Previous studies in discrete-time models yielded different conclusions.

Purpose of the Study:

To confirm Frank P. Ramsey's conjecture on long-run wealth distribution.
To analyze the stability and efficiency of economic equilibria under specific constraints.
To compare continuous-time model results with discrete-time findings.

Main Methods:

Analysis of a one-sector economic model with finitely many heterogeneous households.
Inclusion of no-borrowing constraints for all households.
Derivation of results using the continuous-time formulation of Ramsey's model.

Main Results:

Confirmation of Ramsey's conjecture: society divides into patient capital owners and impatient non-owners.
Existence of a unique, globally asymptotically stable steady-state equilibrium.
The most patient household accumulates all capital in finite time under any equilibrium.
All equilibria are proven to be efficient, despite no-borrowing constraints.

Conclusions:

The continuous-time Ramsey model supports long-run wealth polarization.
Economic efficiency is maintained even with borrowing restrictions.
Results contrast sharply with prior discrete-time model findings, highlighting the importance of model formulation.