Bliss and optimal growth

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2001
Başçı, Erdem
Voyvoda, Ebru
This paper studies optimal growth when households have bliss points in their consumption sets. Optimal policies are characterized for a one-sector, discrete-time growth model with quadratic utility and linear technology. The optimal consumption function turns out to be non-linear in an essential way. Depending on the level of patience and initial capital, poverty traps, Solow-type growth and endogenous growth are possible outcomes.

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Citation Formats
E. Başçı and E. Voyvoda, “Bliss and optimal growth,” ODTÜ Gelişme Dergisi, vol. 28, no. 1, pp. 1–14, 2001, Accessed: 00, 2020. [Online]. Available: http://www2.feas.metu.edu.tr/metusd/ojs/index.php/metusd/article/view/122/93.