Optimal growth when consumption takes time
Résumé
This article analyzes a one‐sector growth model
where the consumption takes time. When the consumption
takes time, the consumption set is compact
and we meet satiety. However, we prove that dynamic
constraints are binding. This result is crucial to
prove that, under well‐known assumptions in macroeconomic
dynamic programming, the optimal path
is monotonic and always converges to a unique
nontrivial steady state as in the case where consumption
is timeless.
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