Does utility curvature matter for indeterminacy?

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Abstract

Several recent papers have argued that it is more likely for indeterminacy to occur under a high intertemporal elasticity of substitution in consumption. This paper claims that this property does not generally hold in neoclassical growth models. We illustrate this claim by combining the features of those recent papers.

Original languageEnglish
Pages (from-to)421-429
Number of pages9
JournalJournal of Economic Behavior and Organization
Volume57
Issue number4
DOIs
Publication statusPublished - 2005 Aug 1
Externally publishedYes

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Keywords

  • Indeterminacy
  • Intertemporal elasticity of substitution in consumption
  • Utility curvature

ASJC Scopus subject areas

  • Economics and Econometrics
  • Organizational Behavior and Human Resource Management

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