Heterogeneous patience, population growth, and wealth accumulation

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ID: 331762
2026
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Abstract
Abstract We study a neoclassical growth model with population growth and heterogeneous agents. The model can be interpreted as either a Ramsey model with heterogeneous discounting and entry of new agents with zero endowments or an OLG model with infinitely-lived agents with different discount factors. We prove that, in the unique stationary equilibrium, agents other than the most patient may hold capital. Introducing public debt, a labor income tax, or a capital subsidy allows more agent types to save, reducing inequality among agents with different discount factors while increasing inequality among agents with the same discount factor entered in different periods.
Reference Key
openalex_W7220935176 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Stéphane Bouché, Mikhail Pakhnin
Journal the economic journal
Year 2026
DOI
10.1093/ej/ueag128
URL
https://doi.org/10.1093/ej/ueag128
Keywords Keywords not found

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