THE WELFARE COST OF EXTERNAL HABITS: A QUANTITATIVE ASSESSMENT
This paper quantifies the welfare cost of consumption externalities in an endogenous growth model with habit formation. Agent's utility depends on both current consumption and a reference consumption level determined by economy-wide average past consumption. Although utility may be lower in the...
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| Autor principal: | |
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| Lenguaje: | English |
| Publicado: |
Universidad de Chile. Departamento de Economía
2010
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| Acceso en línea: | http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862010000100001 |
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