Insecure Property Rights and Growth: The Role of Appropriation Costs, Wealth Effects, and Heterogene
2005/04/12
研討會日期 : 2005-04-12
時間 : 15:00
主講人 : Prof. Ngo Van Long
地點 : B棟110室
演講者簡介 : Prof. N.V. Long為Ph.D. , Australian National University(1975)。
現為加拿大McGill University經濟系講座教授。
他已發表百餘篇學術論文, 包括AER, QJE, Econometrica, RES, JET, IER, JPubE, JIE等。
專長於經濟理論、產業經濟、資源經濟、國際貿易、控制與動態賽局。
演講摘要 : We extend the model from Tornell and Velasco [11] and Tornell and Lane [10] by adding three features: (i) extracting the common property asset involves a private appropriation cost, (ii) agents derive utility from wealth as well as from consumption, and (iii) agents can be heterogeneous. We show that both an increase in the appropriation cost and, when appropriation costs vary across agents, an increase in the degree of heterogeneity of these costs reduce the growth rate of the public capital stock. We also show that, in the interior equilibrium, the private asset can have either a lower or a higher money rate of return than the common property asset.
