Optimal investment allocation in decentralized markets

Auteurs

  • Ricardo Azevedo Araujo Universidade de Brasília
  • Helmar Nunes Moreira

Résumé

This paper makes three contributions to the Feldman-Mahalanobis (F-M) model. First, it overcomes the limitation of the original model, which assumes a passive role of consumption demand, by extending the F-M model through the introduction of intertemporal maximization of consumption. Second, it shows that decentralized markets can mimic the dynamic behavior of the centrally planned economy with two sectors, consumption and investment goods. This is accomplished by using Cobb-Douglas production functions in both sectors. Third, in contrast with the F-M model in which the solutions are unstable, this paper proves the stability of the steady state solutions.

Téléchargements

Les données relatives au téléchargement ne sont pas encore disponibles.

Téléchargements

Publiée

2016-12-22

Comment citer

Araujo, R. A., & Moreira, H. N. (2016). Optimal investment allocation in decentralized markets. Revista De Economia Mackenzie, 12(1). Consulté à l’adresse http://editorarevistas.mackenzie.br/index.php/rem/article/view/7792

Numéro

Vol. 12 No 1 (2015)

Rubrique

Artigos

Licence

Le droit d'auteur des articles publiés dans Revista de Economia Mackenzie appartient aux auteurs, qui accordent à l'Universidade Presbiteriana Mackenzie les droits exclusifs de publier le contenu. La reproduction totale ou partielle est interdite sans l'autorisation préalable du comité éditorial, sauf autorisation préalable.Os direitos autorais dos artigos publicados na Revista de Economia Mackenzie pertencem aos autores, que concedem à Universidade Presbiteriana Mackenzie os direitos exclusivos de publicação do conteúdo. É vedada sua reprodução total ou parcial sem a devida autorização da Comissão Editorial, exceto quando previamente autorizado.