THE WELFARE COST OF EXTERNAL HABITS: A QUANTITATIVE ASSESSMENT

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: Gómez,Manuel A
Lenguaje:English
Publicado: Universidad de Chile. Departamento de Economía 2010
Materias:
Welfare
Habit formation
Endogenous growth
Acceso en línea:http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862010000100001
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