<section name="raw">
    <SEQUENTIAL>
      <record key="001" att1="001" value="152829" att2="152829">001   152829</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-154.pdf</field>
      <field key="079" subkey="z">Espino, Emilio, On Ramsey's Conjecture: Efficient Allocations in the Neoclassical Growth Model with Private Information (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/154.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 154 (RePEc)</field>
      <field key="100" subkey="">Espino, Emilio</field>
      <field key="103" subkey="">Institute for Advanced Studies</field>
      <field key="331" subkey="">On Ramsey's Conjecture: Efficient Allocations in the Neoclassical Growth Model with Private Information</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2004, May</field>
      <field key="433" subkey="">40 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 154</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; The Economy; Characterization; Conclusion; Appendix;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 154</field>
      <field key="700" subkey="">C610</field>
      <field key="700" subkey="">D82</field>
      <field key="700" subkey="">D90</field>
      <field key="700" subkey="">D610</field>
      <field key="700" subkey="">D310</field>
      <field key="720" subkey="">Dynamic contracts</field>
      <field key="720" subkey="">Capital accumulation</field>
      <field key="720" subkey="">Private information</field>
      <field key="753" subkey="">Abstract: In his seminal paper of 1928, Ramsey conjectured that if agents discounted the future differently, in the long run all</field>
      <field key="age" subkey="n">ts except the most patient would live at the subsistence level. The validity of this conjecture was investigated in different</field>
      <field key="env" subkey="i">ronments. In particular, it has been confirmed in the neoclassical growth model with dynamically complete markets. This paper</field>
      <field key="stu" subkey="d">ies this conjecture in a version of this model that includes private information and heterogeneous agents.A version of</field>
      <field key="Bay" subkey="e">sian Implementation is introduced and a recursive formulation of the original allocation problem is established. Efficient</field>
      <field key="all" subkey="o">cations are renegotiation-proof and the expected utility of any agent cannot go to zero with positive probability if the</field>
      <field key="eco" subkey="n">omy does not collapse. If the economy collapses all agents will get zero consumption forever. Thus, including any degree of</field>
      <field key="pri" subkey="v">ate information in the neoclassical growth model will deny Ramsey's conjecture, if efficient allocations are considered.;</field>
    </SEQUENTIAL>
  </section>