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Complementarity Modeling of a Ramsey-Type Equilibrium Problem with Heterogeneous Agents

Leonhard Frerick(frerick***at***uni-trier.de)
Georg Müller-Fürstenberger(gmf***at***uni-trier.de)
Martin Schmidt(martin.schmidt***at***uni-trier.de)
Max Späth(spaeth***at***uni-trier.de)

Abstract: We contribute to the field of Ramsey-type equilibrium models with heterogeneous agents. To this end, we state such a model in a time-continuous and time-discrete form, which in the latter case leads to a finite-dimensional mixed complementarity problem. We prove the existence of solutions of the latter problem using the theory of variational inequalities and present further properties of its solutions. Finally, we apply our model in a case-study to real-world data to highlight the main effects of equilibria between heterogeneous households.

Keywords: Ramsey-type growth models, Heterogeneous agents, Equilibrium modeling, Mixed complementarity problems

Category 1: Applications -- OR and Management Sciences (Finance and Economics )

Category 2: Complementarity and Variational Inequalities

Citation:

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Entry Submitted: 07/17/2020
Entry Accepted: 07/17/2020
Entry Last Modified: 07/17/2020

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