By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)
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Extra info for Advances in economics and econometrics, vol. 3
Second, it is clearly important to try to reduce the cost of credit to the poor.
To see this, imagine a world where there is one good produced and a population of identical people who each live for one period and always have one child. Each person starts life with an endowment that her parent gave her. Her life is simple, verging on the drab. At the beginning of her life, she chooses among income earning opportunities. Her choices will be either to invest in a productive opportunity or to lend out the money. The exact technology of production will be discussed later, but it could be thought of as either investing in learning a skill, starting a business, or even patenting or promoting a new idea.
It is easily checked that what this does is to reduce the amount borrowed by those who would have otherwise invested more than K . Eventually, when someone’s wealth exceeds K , he or she will stop borrowing and start lending, which causes the Wt+1 schedule to take the form Wt+1 = β[e + E(1)K + (Wt − K )ρ]. As long as βρ < 1, this implies that wealth will remain bounded: By the fact that the curve is continuous, it follows that it must be S shaped. 3. on the parameters, this model has either one or three steady states, of which the two extreme ones are stable.
Advances in economics and econometrics, vol. 3 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)