Solow meets Shapley
- We present a Solow-type growth model without constant returns. The population is heterogeneous with respect to capital per head, rate of saving, depreciation, and growth. We employ a continuous version of the Shapley value to divide total output among the different groups. In contrast to the standard Solow model, or its endogenous growth manifestation (labelled AK-type growth models), there may be multiple steady states.
| Document Type: | Working Paper |
|---|---|
| Language: | English |
| Author: | André CasajusORCiD |
| Chairs and Professorships: | Chair of Economics and Information Systems |
| Year of Completion: | 2014 |
| Note: | HHL Working Paper 133. Leipzig: HHL Leipzig Graduate School of Management, 2014 |