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 Casajus, Thomas Steger, Harald Wiese |
| Chairs and Professorships: | Chair of Economics and Information Systems |
| Parent Title (English): | HHL Working paper |
| Series (Serial Number): | HHL-Arbeitspapier / HHL Working paper (133) |
| Place of publication: | Leipzig |
| Publisher: | HHL Leipzig Graduate School of Management |
| Year of Completion: | 2014 |
| Page Number: | 9 |
| Tag: | Constant returns to scale; Growth theory; Increasing returns to scale; Multiple steady states; Shapley value; Solow model |
| Licence (German): |  Urheberrechtlich geschützt |