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• W2154046695 abstract "This paper introduces consumption externalities into an endogenous growth model of common capital accumulation and characterizes balanced growth equilibria. Contrary to the standard argument in previous studies, we show that the growth rate in a feedback Nash equilibrium can be higher than that in an open-loop Nash equilibrium if agents strongly admire the consumption of others. This result is irrelevant to whether preferences exhibit “keeping up with the Joneses” or “running away from the Joneses”." @default.
• W2154046695 created "2016-06-24" @default.
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• W2154046695 date "2009-11-05" @default.
• W2154046695 modified "2023-10-04" @default.
• W2154046695 title "Dynamic Game Model of Endogenous Growth with Consumption Externalities" @default.
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• W2154046695 doi "https://doi.org/10.1007/s10957-009-9631-3" @default.
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