Under the CES production technology, an improved Cass Coopmans model with solvable endogenous fertility is given. We prove that there are multiple growth paths and multiple steady states when CES 0<σ<1 ...Under the CES production technology, an improved Cass Coopmans model with solvable endogenous fertility is given. We prove that there are multiple growth paths and multiple steady states when CES 0<σ<1 and the technology level is high enough; the growth path and the steady state is unique when σ>1 and the ratio of capital is smaller than a constant. So, the dynamic system which describes the model undergoes a bifurcation when σ=1 . We discuss the economic sense of the main results we give.展开更多
文摘Under the CES production technology, an improved Cass Coopmans model with solvable endogenous fertility is given. We prove that there are multiple growth paths and multiple steady states when CES 0<σ<1 and the technology level is high enough; the growth path and the steady state is unique when σ>1 and the ratio of capital is smaller than a constant. So, the dynamic system which describes the model undergoes a bifurcation when σ=1 . We discuss the economic sense of the main results we give.
