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dc.contributor.authorGuest, Rossen_US
dc.contributor.authorMcDonald, Ian M.en_US
dc.date.accessioned2017-05-03T14:52:52Z
dc.date.available2017-05-03T14:52:52Z
dc.date.issued2010en_US
dc.date.modified2011-06-07T06:57:29Z
dc.identifier.issn1361374Xen_US
dc.identifier.doi10.1111/j.1468-0106.2009.00492.xen_AU
dc.identifier.urihttp://hdl.handle.net/10072/37845
dc.description.abstractThis paper provides a new rationale for Uzawa preferences based on social choice; instead of positing that poor people are more patient because they are poor, it posits that poor people should be more patient if they wish their living standards to catch up with richer people. To provide a setting for this new rationale, the present paper studies the socially optimal choice of living standards over time by social planners for countries that, from low levels of total factor productivity (TFP), experience a gradual catch-up of their TFP level with that of the leader country. In the TFP catch-up scenario, the socially optimal choice of consumption and saving based on time additive preferences leads to no catch-up of living standards. To generate living standard catch-up we propose other-regarding Uzawa preferences, in which the rate of time preference is influenced by the gap in living standards between follower country and leader country. This other-regarding specification is consistent with recent findings emphasized in behavioural economics. The other-regarding Uzawa preferences form is illustrated quantitatively by simulating a model of the world economy.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherZencore, Inc.en_US
dc.publisher.placeUnited statesen_US
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofpagefrom87en_US
dc.relation.ispartofpageto115en_US
dc.relation.ispartofissue1en_US
dc.relation.ispartofjournalPacific Economic Reviewen_US
dc.relation.ispartofvolume15en_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchEconomics not elsewhere classifieden_US
dc.subject.fieldofresearchcode149999en_US
dc.titleOther-Regarding Uzawa Preferences and Living Standard Catch-Upen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.facultyGriffith Business School, Department of Accounting, Finance and Economicsen_US
gro.date.issued2010
gro.hasfulltextNo Full Text


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