Optimal growth models under Rawlsian criteria
Abstract
This article revisits the optimal growth with three distinct Rawlsian approaches: (1) the original Rawlsian criterion, popular in economic literature; (2) the maximin with multiple discount factors, introduced by Chambers and Echenique (2018); (3) the rank-dependent criterion, applied by Zuber and Asheim (2012) to growth theory. Finally, we develop a new approach based on a convex combination of the most common criteria: Ramsey-Cass-Koopmans and Rawls.
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