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Your search keyword '"Thai Ha-Huy"' showing total 6 results
Start Over Author "Thai Ha-Huy" Topic 050206 economic theory
6 results on '"Thai Ha-Huy"'

1. Economic dynamics with renewable resources and pollution

Author

Thai Ha-Huy, Cuong Le Van, Thi Tuyet Mai Nguyen, My Dam, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE)-Université Paris-Saclay, Institute of Mathematics and Applied Science (TIMAS), IPAG Business School, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Thuongmai University, Partenaires INRAE, Université Paris 1 Panthéon-Sorbonne (UP1), Dam and Ha-Huy thank the LABEX MME-DII, France (ANR-11-LBX-0023-01) forsupport during the writing of this article. This article is finished during theperiod Ha-Huy worked asdéléguéin the Theoretical Economics Team UMR8545 at CNRS, Paris School of Economics (campus Jourdan)., ANR-11-LABX-0023,MME-DII,Modèles Mathématiques et Economiques de la Dynamique, de l'Incertitude et des Interactions(2011), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), and Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)

Subjects
Pollution, Renewable resources, Sociology and Political Science, Natural resource economics, media_common.quotation_subject, 7. Clean energy, Convexity, 0502 economics and business, Economics, Two-sector economy, General Psychology, Stock (geology), 050205 econometrics, media_common, 05 social sciences, Ramsey model, General Social Sciences, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Natural resource, Economic dynamics, Pollution externality, Secondary sector of the economy, 8. Economic growth, JEL: Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q5 - Environmental Economics/Q.Q5.Q51 - Valuation of Environmental Effects, 050206 economic theory, Statistics, Probability and Uncertainty, Externality, Renewable resource
Abstract

International audience; This article considers a two-sector economy with externalities. In particular, the analysis involves an industrial sector whose polluting production activities have negative effects on the regeneration of a natural resource in the other sector. Without convexity or supermodularity, we prove that the economy evolves to increase the net gain of stock (a similar notion to the net gain of investment in Kamihigashi and Roy (2007)), and establish the conditions ensuring the convergence of the economy in the long run.

Published
2020
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2. Optimal growth when consumption takes time

Author

Thi-Do-Hanh Nguyen, Thai Ha-Huy, Cuong Le Van, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), Institute of Mathematics and Applied Science (TIMAS), IPAG Business School, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Vietnam Maritime University [Hai Phon] (VMU), ANR-11-LABX-0023,MME-DII,Modèles Mathématiques et Economiques de la Dynamique, de l'Incertitude et des Interactions(2011), Université Paris-Saclay, Université d'Évry-Val-d'Essonne (UEVE)-Université Paris-Saclay, IPAG Business School, Paris School of Economics, CNRS, TIMAS, Paris, France, Vietnam Maritime University, 484 Lach Tray, Hai Phong, Vietnam, Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), and Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)

Subjects
Consumption (economics), dynamic programming, Economics and Econometrics, Mathematical optimization, Steady state, Sociology and Political Science, 05 social sciences, Monotonic function, Growth model, time consuming, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, [SHS]Humanities and Social Sciences, Set (abstract data type), Dynamic programming, Computer Science::Hardware Architecture, elastic labour supply, 0502 economics and business, Path (graph theory), Economics, 050206 economic theory, elastic labour supply time consuming dynamic programming super-modularity, 050207 economics, Optimal growth, super-modularity, Finance
Abstract

International audience; This article analyzes a one-sector growth model where the consumption takes time. When the consumption takes time, the consumption set is compact and we meet satiety. However, we prove that dynamic constraints are binding. This result is crucial to prove that, under well-known assumptions in macroeconomic dynamic programming, the optimal path is monotonic and always converges to a unique nontrivial steady state as in the case where consumption is timeless.

Published
2020
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3. On maximin dynamic programming and the rate of discount

Author

Jean-Pierre Drugeon, Thai Ha-Huy, Thi Do Hanh Nguyen, Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), Institute of Mathematics and Applied Science (TIMAS), Vietnam Maritime University [Hai Phon] (VMU), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), and Paris Jourdan Sciences Economiques (PJSE)

Subjects
Economics and Econometrics, Mathematical optimization, Sequence, Computer Science::Computer Science and Game Theory, Optimization problem, Computer science, 05 social sciences, JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D90 - General, Policy function, Minimax, Non-convexities, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Set (abstract data type), Dynamic programming, JEL: C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C61 - Optimization Techniques • Programming Models • Dynamic Analysis, Bellman equation, Maximin principle, 0502 economics and business, Functional equation, Value function, 050206 economic theory, Minification, 050205 econometrics, Supermodularity
Abstract

International audience; This article establishes a dynamic programming argument for a maximin optimization problem where the agent completes a minimization over a set of discount rates. Even though the consideration of a maximin criterion results in a program that is not convex and not stationary over time, it is proved that a careful reference to extended dynamic programming principles and a maxmin functional equation however allows for circumventing these difficulties and recovering an optimal sequence that is time consistent.

Published
2019
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4. Heterogeneous human capital, inequality and growth: The role of patience and skills

Author

Thai Ha-Huy, Stefano Bosi, Leonor Modesto, Kirill Borissov, St. Petersburg Institute for Economics and Mathematics Russian Academy of Sciences, St. Petersburg Institute for Economics and Mathematics, Russian Academy of Sciences [Moscow] (RAS)-Russian Academy of Sciences [Moscow] (RAS), Université Paris-Saclay, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE)-Université Paris-Saclay, UCP, Catolica Lisbon School of Business and Economics, and Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics (IZA)

Subjects
Economics and Econometrics, Labour economics, business.industry, 05 social sciences, Distribution (economics), Representative agent, Redistribution (cultural anthropology), Human capital, Sep inequality and growth, heterogenous patience and skills, [SHS]Humanities and Social Sciences, Physical capital, Capital accumulation, Sep heterogenous patience and skill, inequality and growth, 0502 economics and business, Meritocracy, Economics, 050206 economic theory, human capital heterogenous patience and skills inequality and growth. JEL codes: J24 O15 O40, human capital, 050207 economics, business, Constraint (mathematics)
Abstract

We extend the Lucas' 1988 model introducing two classes of agents with heterogeneous skills, discount factors and initial human capital endowments. We consider two regimes according to the planner's political constraints. In the first regime, that we call meritocracy, the planner faces individual constraints. In the second regime the planner faces an aggregate constraint, redistributing. We find that heterogeneity matters, particularly with redistribution. In the meritocracy regime, the optimal solution coincides with the BGP found by Lucas (1988) for the representative agent's case. In contrast, in the redistribution case, the solution for time devoted to capital accumulation is never interior for both agents. Either the less talented agents do not accumulate human capital or the more skilled agents do not work. Moreover, social welfare under the redistribution regime is always higher than under meritocracy and it is optimal to exploit existing differences. Finally, we find that inequality in human capital distribution increases in time and that, in the long run, inequality always promotes growth.

Published
2018

5. Existence of equilibrium on asset markets with a countably infinite number of states

Author

Cuong Le Van, Thai Ha-Huy, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), IPAG Business School, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Institute of Mathematics and Applied Science (TIMAS), ANR-11-LABX-0023,MME-DII,Modèles Mathématiques et Economiques de la Dynamique, de l'Incertitude et des Interactions(2011), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Université Paris-Saclay, Université d'Évry-Val-d'Essonne (UEVE)-Université Paris-Saclay, and Van Xuan Center of Research in Economics, Management and Environment (VCREME)

Subjects
Economics and Econometrics, Computer Science::Computer Science and Game Theory, JEL: C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C62 - Existence and Stability Conditions of Equilibrium, 0502 economics and business, Arbitrage pricing theory, Economics, Beliefs strong equivalence, Countable set, JEL: G - Financial Economics/G.G1 - General Financial Markets, Half line, Equivalence (measure theory), 050205 econometrics, Individually rational attainable allocations, [QFIN]Quantitative Finance [q-fin], Applied Mathematics, 05 social sciences, JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty, Fundamental theorem of asset pricing, No-arbitrage prices, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D84 - Expectations • Speculations, Asset market equilibrium, Compact space, Individually rational utility set, 8. Economic growth, JEL: D - Microeconomics/D.D5 - General Equilibrium and Disequilibrium/D.D5.D50 - General, 050206 economic theory, Arbitrage, No-arbitrage condition, Mathematical economics
Abstract

We consider a model with a countably infinite number of states of nature. The agents have equivalent probability beliefs and von Neumann–Morgenstern utilities. The No-Arbitrage Prices in this paper are, up to a scalar, the marginal utilities. We introduce the Beliefs Strong Equivalence and the No Half Line Condition of the same type conditions. Under these conditions, the No Arbitrage price condition is sufficient for the existence of an equilibrium when the commodity space is l p , 1 ≤ p + ∞ . This No Arbitrage condition is necessary and sufficient for the existence of equilibrium when the total endowment is in l ∞ . Moreover, it is equivalent to the compactness of the individually rational utility set.

Published
2017
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6. Arbitrage and asset market equilibrium in infinite dimensional economies with short-selling and risk-averse expected utilities

Author

Cuong Le Van, Thai Ha-Huy, Manh-Hung Nguyen, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), IPAG Business School, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Toulouse School of Economics (TSE), École des hautes études en sciences sociales (EHESS)-Institut National de la Recherche Agronomique (INRA)-Centre National de la Recherche Scientifique (CNRS)-Université Toulouse 1 Capitole (UT1), Université Fédérale Toulouse Midi-Pyrénées-Université Fédérale Toulouse Midi-Pyrénées, Van Xuan Center of Research in Economics, Management and Environment (VCREME), Institut National de la Recherche Agronomique (INRA), Ce travail a bénéficié d'une aide de l'Etat gérée par l'Agence Nationale de la Recherche au titre du programme « Investissements d'avenir » portant la référence ANR-10-LABX-93-01.This work was supported by the French National Research Agency, through the program Investissements d'Avenir, ANR-10--LABX_93-01., Université Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Université Toulouse 1 Capitole (UT1), Université Fédérale Toulouse Midi-Pyrénées-Université Fédérale Toulouse Midi-Pyrénées-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-Centre National de la Recherche Scientifique (CNRS), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Toulouse School of Economics (TSE-R), Université Toulouse Capitole (UT Capitole), and Université de Toulouse (UT)-Université de Toulouse (UT)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-Centre National de la Recherche Scientifique (CNRS)

Subjects
Infinite number, Sociology and Political Science, 05 social sciences, General Social Sciences, Asset market, Fundamental theorem of asset pricing, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Compact space, 0502 economics and business, Arbitrage pricing theory, Economics, beliefs, 050206 economic theory, Asset (economics), Arbitrage, Statistics, Probability and Uncertainty, Mathematical economics, General Psychology, 050205 econometrics
Abstract

International audience; We consider a model with an infinite number of states of nature, von Neumann–Morgenstern utilities, where agents have different probability beliefs and where short sells are allowed. We show that no-arbitrage conditions, defined for finite dimensional asset markets models, are not sufficient to ensure existence of equilibrium in presence of an infinite number of states of nature. However, if the individually rational utility set U is compact, we obtain an equilibrium. We give conditions which imply the compactness of U. We give examples of non-existence of equilibrium when these conditions do not hold.

Published
2016
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