《高级宏观经济学》(第四版)(罗默著,吴化斌、龚关译),第99页公式3.41(罗默模型的均衡求解部分):
时刻t发现新思想可得利润的现值公式中(具体公式见下,其含义是——t期发现新思想的利润现值=t期每个专利持有人的利润/(实际利率-利润增长率)。请问:为何分母是实际利率与利润增长率之差?
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The profits from an invention grow at rate [(1 − 2φ)/φ]BL A , and are dis-counted at the interest rate, ρ+[(1−φ)/φ]BL A . Equation (3.39) tells us that the profits at t are [(1 − φ)/φ][(L − L A )w(t)/A(t)]. The present value of the profits earned from the discovery of a new idea at time t is therefore:
π(t) = [(1 − φ)/φ][(L − L A )w(t)/A(t)]/【 ρ+[(1−φ)/φ]BL A- [(1 − 2φ)/φ]BL A】