Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)'s Advances in economics and econometrics, vol. 3 PDF
By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)
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Additional info for Advances in economics and econometrics, vol. 3
The very lucky and the very talented among the poor will probably manage to escape their background, and some of the rich will surely manage to squander their patrimony. The robust implication of this model is rather that economic mobility 40 In terms of our notation, the assumption he makes is that the amount bequeathed is a strictly convex function of end-of-period income over some range, whereas we have so far assumed that it is a linear function. It is easy to see that this can generate a poverty trap; essentially the rich beneﬁt from the fact that rich parents leave bequests that are disproportionately large relative to their wealth.
Theme 2. Models in which all the key technologies – the production technology, the monitoring technology, and the bequest technology – are all linear or convex tend to favor long-run convergence: Those of comparable talent will earn comparable amounts in the long-run and the long-run distribution of income will reﬂect the distribution of abilities in the population. In contrast, models in which at least one of these technologies is nonconvex can generate poverty traps at the level of the individual.
Cunat (2000) justiﬁes the persistence of expensive trade credit in OECD countries (the standard rate in the United States is 44 percent) in these terms. 5. OTHER CONTRACTING PROBLEMS Contracting problems in the land market are, not surprisingly, very similar to the problems in credit markets. 60 Contracting problems faced by lenders are, of course, just the other side of the contracting problems faced by borrowers. However, the models of poverty traps typically focus on the borrowers, even though it is easy to see how a very similar story would apply to lenders.
Advances in economics and econometrics, vol. 3 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)