【作者】 范金； 包振强； 沈洁； 周忠民；

【Author】 FAN Jin(Institute of Systems Science, Chinese Academy of Sciences, Beijing 100080)BAG Zhen-qiang SHEN Jie ZHOU Zhong-min(Yangzhou University, Yangzhou 225009)

【机构】 中国科学院系统科学研究所； 扬州大学；

【摘要】 本文研究了广义资本(含物质资本、人力资本和生态资本)内生化的世代交叠模型问题。并分别建立了具有生态资本约束的世代交叠模型和广义资本内生化的Diamond模型。主要研究结论为:第一,由于第t代人将产出用于投资和推迟生态资本利用所导致t时期减少的边际消费值,应等于他们在第t+1期增加的边际消费值;第二,沿均衡轨道,每一代的边际时间偏好率必等于其所面临的物资资本的利息率;第三,随着时间的推移,生态资本价格必定以相当于利息率的比率上升;第四,物资资本利息率的上涨同时具有具有替代效应和收入效应,其影响由相对风险回避系数与1之间的比较而定。更多还原

【Abstract】 This paper has studied the problem of overlapping - generations model in generalized capital , and built up a overlapping - generations model subject to ecological capital and a Demand model in endogenlized generalized capital. The main conclusions are that: firstly, the marginal value of the increase in period τ+ 1 consumption garnered through period t resource holding or capital investment must be equal to the marginal value of foregone period t consumption required to sustain the future increase; secondly, along an equilibrium path, the marginal rate of time preference of each generation must be equal to the rate of interest it faces and that the resource price must rise at the rate of interest over time; thirdly, the present value of lifetime consumption is equal to that initial wealth plus the present value of lifetime labor increase and minus consumption on ecological capital; and finally, a rise in interest ratio of produced capital has both an income and a substitution effect, and the effect is decided by the constant - relative -risk-aversion(CRRA) compared with one.更多还原