摘要翻译：
关于代际结果的两个关键问题是：一是不同社会或经济阶层之间是否存在显著的障碍或陷阱；第二，代际的结果在多大程度上影响个人的投资和消费决策。我们建立了一个模型来明确地将这两个问题联系起来，并证明了第一个这样的“老鼠赛跑”定理，表明在高水平的个人投资和财富陷阱之间存在着一种基本关系，财富陷阱将原本相同的代理人困在较低的财富水平上。我们的代际财富动态的简单模型包括平衡当前消费和对单个后代投资的代理人。然后，投资通过一个潜在的非线性和不连续的竞争力函数来决定后代的财富，对此我们不做凹假设。从这个模型中，我们演示了如何从投资中推断出这样一个竞争力函数，以及决定个人决策的几何准则。此外，我们还研究了一个财富分布的稳定性，包括局部扰动和引入没有财富的新代理人。
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英文标题：
《When a `rat race' implies an intergenerational wealth trap》
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作者：
Joel Nishimura
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最新提交年份：
2018
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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英文摘要：
  Two critical questions about intergenerational outcomes are: one, whether significant barriers or traps exist between different social or economic strata; and two, the extent to which intergenerational outcomes do (or can be used to) affect individual investment and consumption decisions. We develop a model to explicitly relate these two questions, and prove the first such `rat race' theorem, showing that a fundamental relationship exists between high levels of individual investment and the existence of a wealth trap, which traps otherwise identical agents at a lower level of wealth. Our simple model of intergenerational wealth dynamics involves agents which balance current consumption with investment in a single descendant. Investments then determine descendant wealth via a potentially nonlinear and discontinuous competitiveness function about which we do not make concavity assumptions. From this model we demonstrate how to infer such a competitiveness function from investments, along with geometric criteria to determine individual decisions. Additionally we investigate the stability of a wealth distribution, both to local perturbations and to the introduction of new agents with no wealth.
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PDF链接：
https://arxiv.org/pdf/1805.01019