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Capital Vintage and Efficiency : An Economic Dynamic Analysis

Research Project

Project/Area Number 06630002
Research Category

Grant-in-Aid for General Scientific Research (C)

Allocation TypeSingle-year Grants
Research Field 経済理論
Research InstitutionOtaru University of Commerce

Principal Investigator

YAMAMOTO Kenji  Otaru University of Commerce, Faculty of Commerce, Associate Professor, 商学部, 助教授 (10182619)

Project Period (FY) 1994 – 1995
Project Status Completed (Fiscal Year 1995)
Budget Amount *help
¥300,000 (Direct Cost: ¥300,000)
Fiscal Year 1995: ¥300,000 (Direct Cost: ¥300,000)
KeywordsOverlapping-generations model / Capital goods / Vintage / Production efficiency / 世代重層モデル / 生産の効率性
Research Abstract

In my research project, the focus is on the roles of capital vintages in the overlapping-generations models (hereafter, OLG models). The assumption of durable capital goods distinguishes my OLG model from the standard one. Even in the single good good model, the price of consumption good is not necessarily equal to the price of capital good because of incomplete depreciation.
More closely, I set up the following problems :
(1)Introduction of vintage capital into the OLG model and definition of competitive equilibria,
(2)Vintage composition of capital goods in competitive equilibria,
(3)derivation of a necessary and sufficient condition for production efficiency (Extension of Cass(1972)).
For (1), I modify the standard treatment of capital goods so that the capital stock, K_t, at the t-th period is given by
K_t=a_0k_t+a_1k_<t-1>+a_2k_<t-2>+... ; a_t>0(t=0, 1, 2, ...).
As a result, my feasibility condition is formalized as c_t=f(K_t)-k_t>0, (t=0, 1, 2, ...), where c_t, k_t, and f(.) are, respectively, the consumption and investment in the t-th period, and a production function.
For (2), it has become clear that the vintage composition crucially depends upon both the no arbitrary condition and the coefficients, a1, which reflect
the depreciation.
For (3), it is shown that competitive equilibrium paths are production efficient if the value of capital stock at infinity is finite : lim_<1**>p_tK_t<+*.

Report

(3 results)
  • 1995 Annual Research Report   Final Research Report Summary
  • 1994 Annual Research Report
  • Research Products

    (12 results)

All Other

All Publications (12 results)

  • [Publications] Kenji Yamamoto: "Capital Vintage and Competitive Equilibrium in an Overlapping-Generations Model" Working Paper,Department of Economics, Otaru University of Commerce. (1994)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Capital Vintage and No Arbitrage in an Overlapping-Generations Model" Working Paper, Department of Economics, Otaru University of Commerce. (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Durable Capital and Competitive Equilibrium in an Overlapping-Generations Model" Working Paper, Department of Economics, Otaru University of Commerce. (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Transversality Condition in an Overlapping-Generations Model with Durable Capital" Working Paper, Department of Economics, Otaru University of Commerce. (1996)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Capital Vintage and Competitive Equilibrium in an Overlapping-Generations Model" Working Paper (Department of Economics, Otaru University of Commerce). (1994)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Capital Vintage and No Arbitrage in an Overlapping-Generations Model" Working Paper (Department of Economics, Otaru University of Commerce). (1995)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Durable Capital and Competitive Equilibrium in an Overlapping-Generations Model" Working Paper (Departmento of Economics, Otaru University of Commerce). (1995)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Transversality Condition in an Overlapping-Generations Model with Durable Capital" Working Paper (Department of Economics, Otaru University of Commerce). (1996)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1995 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Durable Capital and Competitive Equilibrium in an Overlapping-Generations Model" Working Paper,Department of Economics,Otaru University of Commerce. (1995)

    • Related Report
      1995 Annual Research Report
  • [Publications] Kenji Yamamoto: "Transversality Condition in an Overlapping-Generations Model with Durable Capital" Working Paper,Department of Economics,Otaru University of Commerce. (1996)

    • Related Report
      1995 Annual Research Report
  • [Publications] Kenji Yamamoto: "Capital Vintage and Competitve Equilibrium in an Overlapping-Generations Model" Working Paper,Otaru University of Commerce. (1994)

    • Related Report
      1994 Annual Research Report
  • [Publications] Kenji Yamamoto: "Capital Vintage and No Arbitrage in an Overlapping-Generations Model" Working Paper,Otaru University of Commerce. (1995)

    • Related Report
      1994 Annual Research Report

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Published: 1995-04-01   Modified: 2016-04-21  

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