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微观wokshop:Understanding Poverty Traps
发布日期：2023-07-13 12:00 来源：
时间：7月13日（周四）10:00 a.m.-11:30 a.m.
地点：经院403
主讲人：Lawrence Blume (Distinguished Arts and Sciences Professor of Economics and Professor of Information Science at Cornell University)
主持老师：平新乔（经院）；刘烁（光华）
参与老师：胡涛，吴泽南，石凡奇（经院）；汪浩，胡岠（国发院）；翁翕（光华）
摘要：Poverty trap models are dynamical systems with more than one attractor. Similar dynamical systems arise in optimal growth and macroeconomic models. These systems are often studied empirically by ad hoc methods relying on intuition from deterministic systems, such as looking for multiple peaks in the stationary distribution of states. We develop Markov wealth processes in which parents’ investments in children stochastically determine children’s wealth, and consequently their own investment choices. We show that, relative to a zero-shock process, some of the multiple attractors are less fragile than are others, and that their presence dominates the stationary behavior of the wealth distribution. Typically, mass accumulates around attractors. An only slightly stochastically perturbed deterministic system will have an invariant distribution which puts close to probability 1 on a single steady state rather than having significant mass distributed among several attractors. We also examine how policy affects the shape of the invariant distribution.
主讲人介绍：Lawrence Blume is a Distinguished Arts and Sciences Professor of Economics and Professor of Information Science at Cornell University. He received a B.A. in economics from Washington University and a Ph.D. in economics from the University of California, Berkeley. He was one of the general editors of The New Palgrave Dictionary of Economics, 2nd edition, to which he contributed several articles on economic theory. He is also a fellow of the Econometric Society, a visiting research professor at the Institute for Advanced Studies in Vienna (IHS), and has been a member of the external faculty at the Santa Fe Institute, where he served as co-director of the Economics Program and on the Institute's steering committee. He also served as chair of Cornell’s Department of Economics and is currently the Associate Dean for Academic Affairs of the Bowers College of Computing and Information Science at Cornell.
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首页
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微观wokshop:Understanding Poverty Traps
发布日期：2023-07-13 12:00 来源：
时间：7月13日（周四）10:00 a.m.-11:30 a.m.
地点：经院403
主讲人：Lawrence Blume (Distinguished Arts and Sciences Professor of Economics and Professor of Information Science at Cornell University)
主持老师：平新乔（经院）；刘烁（光华）
参与老师：胡涛，吴泽南，石凡奇（经院）；汪浩，胡岠（国发院）；翁翕（光华）
摘要：Poverty trap models are dynamical systems with more than one attractor. Similar dynamical systems arise in optimal growth and macroeconomic models. These systems are often studied empirically by ad hoc methods relying on intuition from deterministic systems, such as looking for multiple peaks in the stationary distribution of states. We develop Markov wealth processes in which parents’ investments in children stochastically determine children’s wealth, and consequently their own investment choices. We show that, relative to a zero-shock process, some of the multiple attractors are less fragile than are others, and that their presence dominates the stationary behavior of the wealth distribution. Typically, mass accumulates around attractors. An only slightly stochastically perturbed deterministic system will have an invariant distribution which puts close to probability 1 on a single steady state rather than having significant mass distributed among several attractors. We also examine how policy affects the shape of the invariant distribution.
主讲人介绍：Lawrence Blume is a Distinguished Arts and Sciences Professor of Economics and Professor of Information Science at Cornell University. He received a B.A. in economics from Washington University and a Ph.D. in economics from the University of California, Berkeley. He was one of the general editors of The New Palgrave Dictionary of Economics, 2nd edition, to which he contributed several articles on economic theory. He is also a fellow of the Econometric Society, a visiting research professor at the Institute for Advanced Studies in Vienna (IHS), and has been a member of the external faculty at the Santa Fe Institute, where he served as co-director of the Economics Program and on the Institute's steering committee. He also served as chair of Cornell’s Department of Economics and is currently the Associate Dean for Academic Affairs of the Bowers College of Computing and Information Science at Cornell.
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