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Genuine saving under stochastic growth
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2012 (English)In: Letters in spatial and resource sciences, ISSN 1864-4031, E-ISSN 1864-404X, Vol. 5, no 3, 167-174 p.Article in journal (Refereed) Published
Abstract [en]

The concept of genuine saving has in recent years become widely accepted as a dynamic welfare indicator, which first appeared in Weitzman (Q. J. Econ. 99:1-13, 1976) and then formalized by Pearce and Atkinson (Ecol. Econ. 8:103-108, 1993). This paper attempts to generalize this concept in a stochastic setting using an extended version of the standard Ramsey growth model (Merton in Rev. Econ. Stud. 42:375-379, 1975). We find that the genuine saving formula in a stochastic setting also involves a variance component reflecting the welfare loss from risk aversion.

Place, publisher, year, edition, pages
2012. Vol. 5, no 3, 167-174 p.
Keyword [en]
eng
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Social Sciences
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URN: urn:nbn:se:uu:diva-186742DOI: 10.1007/s12076-012-0080-5OAI: oai:DiVA.org:uu-186742DiVA: diva2:573019
Available from: 2012-11-29 Created: 2012-11-29 Last updated: 2017-12-07Bibliographically approved

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Li, Chuan-Zhong

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