Common and private property to exhaustible resources: theoretical implications for economic growth

We develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by voting. We show that if discount factors are given exogenously, the long-run rate of growth under private property is higher than or equal to that under common property. If the discount factors are formed endogenously, under some circumstances common property can result in a higher rate of growth than private property.natural resources, economic growth, voting, private property, common property

Pension reform and intergenerational altruism in economic dynamics models

A complexity of a pension reform realization in a country with high level of intergenerational altruism is considered as a reason of a failure of the pension reform in Russia. Differences between intergenerational altruism levels in Russia and more modernized western countries are discussed. Overlapping generations models with two-way intergenerational altruism and pension system are analyzed. Successful transition from pay-as-you go pension system to fully funded one is shown to be possible in a modernized society with low level of intergenerational altruism and stable economy. But, even in that case the issue of the transition costs, their volume and distribution remains essential.pension system, pension reform, fully funded pension system, pay-as-you-go pension system, intergenerational transfers, intergenerational altruism, overlapping generations

Investments in development of children from disadvantaged families in Russia as an example of the cost-benefit analysis

The possibilities of cost-benefit analysis are demonstrated when estimating en efficiency of investments in development of children in disadvantageous gamilies in Russia. In Russia, There are no programs similar to the High/Scope Perry Preschool in the U.S.A., and in this preliminary analysis we assume that hypothetical Russian analog of the High/Scope Perry Preschool gives similar results for children involved. But economic and social benefits are estimated taking into account Russian realities: education and health systems, people incomes, tax system, crime etc. We estimate present value of social and economic benefits resulting from the program implementation per child involved. This allows us to calculate maximal costs of hypothetical Russian program up to which it is profitable.cost-benefit analysis, early investment, High/Scope Perry Preschool

Пенсионная реформа и межпоколенческий альтруизм в моделях экономической динамики

A complexity of a pension reform realization in a country with high level of intergenerational altruism is considered as a reason of a failure of the pension reform in Russia. Differences between intergenerational altruism levels in Russia and more modernized western countries are discussed. Overlapping generations models with two-way intergenerational altruism and pension system are analyzed. Successful transition from pay-as-you go pension system to fully funded one is shown to be possible in a modernized society with low level of intergenerational altruism and stable economy. But, even in that case the issue of the transition costs, their volume and distribution remains essential

О возможностях анализа «затраты-выгоды» на примере инвестиций в развитие детей из неблагополучных семей в России

The possibilities of cost-benefit analysis are demonstrated when estimating en efficiency of investments in development of children in disadvantageous gamilies in Russia. In Russia, There are no programs similar to the High/Scope Perry Preschool in the U.S.A., and in this preliminary analysis we assume that hypothetical Russian analog of the High/Scope Perry Preschool gives similar results for children involved. But economic and social benefits are estimated taking into account Russian realities: education and health systems, people incomes, tax system, crime etc. We estimate present value of social and economic benefits resulting from the program implementation per child involved. This allows us to calculate maximal costs of hypothetical Russian program up to which it is profitable

Пенсионная реформа и межпоколенческий альтруизм в моделях экономической динамики

A complexity of a pension reform realization in a country with high level of intergenerational altruism is considered as a reason of a failure of the pension reform in Russia. Differences between intergenerational altruism levels in Russia and more modernized western countries are discussed. Overlapping generations models with two-way intergenerational altruism and pension system are analyzed. Successful transition from pay-as-you go pension system to fully funded one is shown to be possible in a modernized society with low level of intergenerational altruism and stable economy. But, even in that case the issue of the transition costs, their volume and distribution remains essential

О возможностях анализа «затраты-выгоды» на примере инвестиций в развитие детей из неблагополучных семей в России

The possibilities of cost-benefit analysis are demonstrated when estimating en efficiency of investments in development of children in disadvantageous gamilies in Russia. In Russia, There are no programs similar to the High/Scope Perry Preschool in the U.S.A., and in this preliminary analysis we assume that hypothetical Russian analog of the High/Scope Perry Preschool gives similar results for children involved. But economic and social benefits are estimated taking into account Russian realities: education and health systems, people incomes, tax system, crime etc. We estimate present value of social and economic benefits resulting from the program implementation per child involved. This allows us to calculate maximal costs of hypothetical Russian program up to which it is profitable

Endogenous growth in a model with heterogeneous agents and voting on public goods

We consider a Barro-type endogenous growth model in which the government’s purchases of goods and services enter into the production function. The provision of government services is financed by flat-rate (linear) income or lump-sum taxes. It is assumed that individuals differing in their discount factors vote on the tax rates. We propose a concept of voting equilibrium leading to some versions of the median voter theorem for steady-state equilibria, fully characterize steady-state equilibria and show that if the median voter discount factor is sufficiently low, the long-run rate of growth in the case of flat-rate income taxation is higher than that in the case of lump-sum taxation