Место издания:Research Unit ORCOS, Institute of Mathematical Methods in Economics, Vienna University of Technology Wien, Austria
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Аннотация:We consider a general equilibrium model involving consumption of heterogeneous goods by an age-structured population with uncertain life span and balanced life-time budget. The heterogeneity is introduced via weights which the individuals attribute in their utility function to consumption of different goods depending on the vintage of the good. The goods are produced by monopolistically competitive firms and the variety of available goods/technologies is determined endogenously through R&D investments. The general equilibrium is characterized by a system of functional equations and is analytically or numerically determined for several particular weight functions. The results exhibit the qualitative difference between the dynamics of the model with heterogeneous versus homogeneous variety of goods.