dc.creator | Gómez, Manuel A. | |
dc.date.accessioned | 2011-07-05T19:42:22Z | |
dc.date.available | 2011-07-05T19:42:22Z | |
dc.date.created | 2011-07-05T19:42:22Z | |
dc.date.issued | 2010-06 | |
dc.identifier | Estudios de Economía, Vol. 37, No. 1, Junio 2010, pp. 5-26 | |
dc.identifier | 0304-2758 | |
dc.identifier | https://repositorio.uchile.cl/handle/2250/128167 | |
dc.description.abstract | This paper quantifies the welfare cost of consumption externalities in an endogenous
growth model with habit formation. Agent’s utility depends on both current
consumption and a reference consumption level determined by economy-wide
average past consumption. Although utility may be lower in the presence of
consumption externalities, the welfare loss relative to the efficient growth path
is found to be very small. This result is extremely robust to variations in the
parameter values. However, there are relatively important differences in the
timing of the welfare loss and in generational welfare. | |
dc.language | en | |
dc.publisher | Universidad de Chile. Facultad de Economía y Negocios | |
dc.subject | Welfare | |
dc.title | The welfare cost of external habits: a quantitative assessment | |
dc.type | Artículo de revista | |