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Business Systems Research : International journal of the Society for Advancing Innovation and Research in Economy, Vol.4 No.2 December 2013. -

Background: Although there are many formal models about interactions among habit formation, preference change and the economic growth, only a few formal models examine implications of habit formation and preference change for the economic growth with resources. Objectives: This paper builds an economic growth model with endogenous physical capital, renewable resources, habit formation and preference. Methods: Although it is influenced by the Ramsey growth theory with time preference and habit formation, the paper applies a new approach to the household behaviour. Results: We plot the motion of the economy and conduct a comparative dynamic analysis with regard to certain parameters to obtain insights into interactions between the preference and the economic structural changes. Conclusions: We have shown that habit formation and preference change have significant effects on the economic grow and resources utilization both with regard to the transitional paths and the long-run equilibrium.

Renewable resources; habit formation; preference change; economic growth; structural change



Autor: Wei-Bin Zhang - ; Ritsumeikan Asia Pacific University, College of International Management, Japan

Fuente: http://hrcak.srce.hr/



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