Non-separable utility function and indeterminacy of equilibrium in a model with human capital

被引：8
|
作者：
Mino, K [1 ]
机构：
[1] Kobe Univ, Fac Econ, Nada Ku, Kobe, Hyogo 657, Japan
来源：
ECONOMICS LETTERS | 1999年 / 62卷 / 03期
关键词：
preference structure; indeterminacy; constant returns; human capital;
D O I：
10.1016/S0165-1765(98)00238-9
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper shows that non-separability of utility function may produce indeterminacy of equilibrium in the representative agent models with labor leisure choice. By using a two-sector model of endogenous growth, we show that if the utility function is not additively separable between consumption and leisure, indeterminacy may emerge even in the absence of external increasing returns. (C) 1999 Published by Elsevier Science S.A. All rights reserved.
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页码：311 / 317
页数：7
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