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Genuine saving under stochastic growth
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
2012 (English)In: Letters in spatial and resource sciences, ISSN 1864-4031, E-ISSN 1864-404X, Vol. 5, no 3, 167-174 p.Article in journal (Refereed) Published
Abstract [en]

The concept of genuine saving has in recent years become widely accepted as a dynamic welfare indicator, which first appeared in Weitzman (Q. J. Econ. 99:1–13, 1976) and then formalized by Pearce and Atkinson (Ecol. Econ. 8:103–108, 1993). This paper attempts to generalize this concept in a stochastic setting using an extended version of the standard Ramsey growth model (Merton in Rev. Econ. Stud. 42:375–379, 1975). We find that the genuine saving formula in a stochastic setting also involves a variance component reflecting the welfare loss from risk aversion.

Place, publisher, year, edition, pages
Springer, 2012. Vol. 5, no 3, 167-174 p.
Keyword [en]
Genuine saving, Stochastic growth, Welfare measurement
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:umu:diva-26831DOI: 10.1007/s12076-012-0080-5OAI: oai:DiVA.org:umu-26831DiVA: diva2:274261
Available from: 2009-10-27 Created: 2009-10-27 Last updated: 2017-12-12Bibliographically approved

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