UC知道宏观经济学实验翻译，求助~~~
来源：百度知道 编辑：UC知道 时间：2024/07/05 04:55:23
3.5. Growth experiments
A new research topic is represented by experimental research on economic growth models.
The idea of these experiments is not to replicate any real economy, but to compare the numerical predictions of the models with the observed data. Lei and Noussair (2002) analyze the exogenous optimal growth model based on Cass (1965) and Koopmans (1965), in which the level of investment is endogenized in an economy where a representative agent
makes optimal consumption and investment decisions over time for a given technology. If
production and utility functions are concave, there is a unique optimal steady-state level of
consumption and capital stock.
Two main different treatments are implemented. In the social planner treatment, each
agent represents a single economy, which has to choose between consumption today and
investment for future consumption. There is no trading between these individual economies.
This treatment
A new research topic is represented by experimental research on economic growth models.
The idea of these experiments is not to replicate any real economy, but to compare the numerical predictions of the models with the observed data. Lei and Noussair (2002) analyze the exogenous optimal growth model based on Cass (1965) and Koopmans (1965), in which the level of investment is endogenized in an economy where a representative agent
makes optimal consumption and investment decisions over time for a given technology. If
production and utility functions are concave, there is a unique optimal steady-state level of
consumption and capital stock.
Two main different treatments are implemented. In the social planner treatment, each
agent represents a single economy, which has to choose between consumption today and
investment for future consumption. There is no trading between these individual economies.
This treatment
each agent has an endowment of capital and another endowment of money that decreases
consumes the good.
The overall amount of experimental money is converted into dollars at a given exchange
rate at the end of the experiment. The individual and aggregate production and the utility
functions are concave. In each period a market for capital takes place: agents can make
ask or bids for multiple units of capital at a named per-unit price. At any