Mikhail Pakhnin

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• Dr. rer. pol. (PhD in Economics)
• Visiting Professor at University of the Balearic Islands

We study the effects of envy (relative consumption concerns), drawing on evidence that preferences typically exhibit present bias. We employ a Ramsey-type model with agents who differ in initial capital endowments and account for present-biased envy: agents are naive and care about how their consumption levels compare to those of others only in the...

We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path of consumption, bequests, and capital converges to a unique steady state and study the effect of altruism on the properties of steady-state equilibrium. We show that aggregate income is positively related t...

We address time-inconsistent decision making by studying two types of intrapersonal cooperation in the Ramsey model with quasi-hyperbolic discounting. First, we consider temporal selves following the Golden Rule principle (do unto others as you would have them do unto you). Second, we consider temporal selves following Kant's categorical imperative...

We study the role of different sources of naivete in a general equilibrium version of the Ramsey model with quasi-hyperbolic discounting. When agents are aware of others' naivete, as strongly suggested by empirical evidence, they revise consumption paths, correctly anticipating prices in a resulting sliding equilibrium (perfect foresight). When age...

We take into account that envy (relative consumption concerns) is more pronounced in the present than in the future. We consider a Ramsey-type model in which agents differ only in their initial capital endowments but are identical in their exogenous parameters. Agents' preferences exhibit present-biased envy: agents are naive and care about how the...

We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of steady-state equilibrium. We show that aggregate income is positively related to both level of altruism and altruism...

We are examining social learning in networks, where agents aim to minimize cognitive dissonance resulting from disagreement by adjusting their statements in conversations to align with those of their associates, rather than truthfully sharing their beliefs. Our analysis investigates the impact of this adjustment, known as audience tuning, on belief...

A survey of theoretical economic growth models with agents having different subjective discount factors is proposed. The structure of equilibrium paths in such models, their dynamics and convergence to stationary equilibria, and the relationship with Pareto optimal paths are described. Models with socially determined discount factors in which time...

In this paper, we study the effect of democracy on economic growth. We provide an overview of theoretical models analyzing the relationship between political regime and economic growth, and characterize the existing empirical results. Theoretical considerations suggest that it is accumulated and not instantaneous level of democracy that affects eco...

This paper reviews recent research on the aggregation of heterogeneous time preferences. Main results are illustrated in a simple Ramsey model with many agents with additively time‐separable utility functions who differ in their discount factors. We employ an intertemporal view on this model and argue that preferences of a decision maker should be...

We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of steady-state equilibrium. We show that aggregate income is positively related to both level of altruism and altruism...

We study the role of expectations of naive agents in a general equilibrium version of the Ramsey model with quasi-hyperbolic discounting. When agents recognize others' naivete, as strongly suggested by empirical evidence, they revise consumption paths, correctly anticipating prices in a resulting sliding equilibrium (perfect foresight). When agents...

We consider a neoclassical growth model with quasi-hyperbolic discounting under Kantian optimization: each temporal self acts in a way that they would like every future self to act. We introduce the notion of a Kantian policy as an outcome of Kantian optimization in a given class of policies. We derive and characterize a Kantian policy in the class...

We study a model of social learning in networks where the dynamics of beliefs are driven by conversations of dissonance-minimizing agents. Given their current beliefs, agents make statements, tune them to the statements of their associates, and then revise their beliefs. We characterize the long-run beliefs in a society, provide the necessary and s...

In this paper, we propose an approach to describe the behavior of naive agents with quasi-hyperbolic discounting in the neoclassical growth model. To study time-inconsistent decision making of an agent who cannot commit to future actions, we introduce the notion of sliding equilibrium and distinguish between pseudo-perfect foresight and perfect for...

This paper reviews recent research on the aggregation of heterogeneous time preferences. Main results are illustrated in simple Ramsey models with two or three agents who differ in their discount factors. We employ an intertemporal view on these models and argue that preferences of a decision maker should be represented by a sequence of utility fun...

This paper reviews recent research on the aggregation of heterogeneous time preferences. Main results are illustrated in simple Ramsey models with two or three agents who differ in their discount factors. We employ an intertemporal view on these models and argue that preferences of a decision maker should be represented by a sequence of utility fun...

We consider the Ramsey growth model with quasi-hyperbolic discounting where the agent cannot commit to future actions and is naive about her time inconsistency. We study the problem of observational equivalence, i.e., whether consumption paths are the same under quasi-hyperbolic and exponential discounting. To describe the behavior of a naive agent...

В данной работе рассматривается вклад Уильяма Нордхауса в теорию экономического роста, за который он получил Нобелевскую премию по экономике 2018 года. На примере работ Нордхауса мы увидим, почему негативная экстерналия изменения климата является серьёзной экономической проблемой; как можно оценивать последствия изменения климата в денежном выражен...

For a long time economists have been actively discussing the mechanisms of economic growth. One of the most fundamental factors of economic growth which underlies the variation in per capita income between different countries is human capital, i.e., the stock of knowledge and professional skills embodied in each person. Human capital can be conside...

A problem of aggregation of heterogeneous time preferences naturally arises in economic growth models with consumers who have different discount factors. This problem is typically resolved by constructing a Pareto-efficient (Paretian) social welfare function which evaluates different consumption streams from the perspective of the society as a whol...

We consider two models of economic growth with exhaustible natural resources and agents heterogeneous in their time preferences. In the first model, we assume private ownership of natural resources and show that every competitive equilibrium converges to a balanced-growth equilibrium with the long-run rate of growth being determined by the discount...

In recent years, economists have shown an increasing interest in the distribution of income and wealth within a society. In particular, this is manifested in the popularity of the Thomas Piketty’s book «Capital in the Twenty-First Century». Recent empirical evidence shows that in many different countries the gap between rich and poor is growing. Th...

In dynamic resource allocation models, the non-existence of voting equilibria is a generic phenomenon due to the multi-dimensionality of the choice space even if agents are heterogeneous only in their discount factors. Nevertheless, at each point in time there may exist a “median voter” whose preferred instantaneous consumption rate is supported by...

In dynamic resource allocation models, the non-existence of voting equilibria is a generic phenomenon due to the multi-dimensionality of the choice space even if agents are heterogeneous only in their discount factors. Nevertheless, at each point in time there may exist a “median voter” whose preferred instantaneous consumption rate is supported by...

In dynamic resource allocation models, the non-existence of voting equilibria is a generic phenomenon due to the multi-dimensionality of the choice space even if agents are heterogeneous only in their discount factors. Nevertheless, at each point in time there may exist a “median voter” whose preferred instantaneous consumption rate is supported by...

The global financial crisis of 2007–2008, consequences of which continue to adversely affect the world economy, is often called a «Minsky crisis». A prominent American economist Hyman Philip Minsky studied capitalist economic system paying special attention to its major properties, in particular, instability and high importance of money. He develop...

Let ⊂ ℝd be a bounded domain with boundary of class C 1,1. In L 2( ;ℂn ), consider a matrix elliptic second-order differential operator A D,ɛ with Dirichlet boundary condition. Here ɛ > 0 is a small parameter; the coefficients of A D,ɛ are periodic and depend on x/ɛ. The operator A D,ɛ −1 in the norm of operators acting from L 2( ;ℂn ) to the...

Let $\mathcal{O} \subset \mathbb{R}^d$ be a bounded domain of class $C^2$. In the Hilbert space $L_2(\mathcal{O};\mathbb{C}^n)$, we consider a matrix elliptic second order differential operator $\mathcal{A}_{D,\varepsilon}$ with the Dirichlet boundary condition. Here $\varepsilon>0$ is the small parameter. The coefficients of the operator are perio...