Constrained Efficiency in a Human Capital Model
研究在不完全市场经济中，资本和人力资本是否过度积累，发现实际校准模型显示资本积累不足而人力资本过度积累。
This paper investigates whether capital and human capital are over-accumulated in an incomplete market economy. As in Dávila et al. (2012), whether capital is over-accumulated depends on how the pecuniary externalities affect insurance and redistribution. In a human capital economy, however, not only capital but also human capital generates externalities and an additional channel arises that has implications for the overaccumulation (under-accumulation) of capital (human capital). The income sources of the poor and the correlation between wealth and human capital are crucial for the implication of pecuniary externalities. Realistically calibrated models exhibit under-accumulation (overaccumulation) of capital (human capital).