Cournot-Nash Family Decision and Economic Growth in an Extended Solowian Model

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Show simple item record Zhang, Wei-Bin 2020-01-09T21:46:07Z 2020-01-09T21:46:07Z 2020-01-03
dc.identifier.issn 2079-3715
dc.description.abstract The purpose of this paper is to study economic growth with family-based microeconomic foundation. It develops a neoclassical growth model of endogenous wealth accumulation and consumption of two-person families. Growth mechanism and economic structures are based on a generalized Solowian growth model with Zhang’s concept of disposable income and utility. Each spouse maximizes his/her utility function which is dependent on his/her egocentric utility function and the spouse’s egocentric utility function. One’s egocentric utility function is related to one’s private consumption of goods, consumption of family goods, and saving made out of one’s own disposable income. The couple’s decisions are interdependent and are modelled as a Cournot-Nash game. Our model endogenously determines intra-household wealth accumulation and resource allocation on consumption and saving. The paper make an integration of some basic ideas in neoclassical growth theory and family economics. We conduct comparative dynamic analyses to show how the movement of the economy is affected by different exogenous changes in gender relations, preferences, and technologies. en_US
dc.language.iso en_US en_US
dc.publisher Academicus International Scientific Journal en_US
dc.subject family decision en_US
dc.subject Cournot game en_US
dc.subject Solow model en_US
dc.title Cournot-Nash Family Decision and Economic Growth in an Extended Solowian Model en_US
dc.type Article en_US

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