Indeterminacy with environmental and labor dynamics
Karp, L.S. and Thierry, P. (2006) Indeterminacy with environmental and labor dynamics. Structural Change and Economic Dynamics (doi:10.1016/j.strueco.2005.11.004).
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We study the joint dynamics of labor reallocation and environmental change when workers have rational expectations and incur migration costs. We emphasize the relation between parameter values and the area of state space in which indeterminacy of equilibria can occur. Unlike the one-dimensional model in which the wage differential adjusts instantaneously, here the measure of the region of indeterminacy is not monotonic in the cost of adjustment.
|Keywords:||indeterminacy, factor reallocation, environment, costs of adjustment|
|Subjects:||S Agriculture > S Agriculture (General)
H Social Sciences > HE Transportation and Communications
H Social Sciences > HD Industries. Land use. Labor
|Divisions:||University Structure - Pre August 2011 > School of Social Sciences > Economics
|Date Deposited:||29 Jun 2006|
|Last Modified:||27 Mar 2014 18:25|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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