|
P arameters |
V alues |
|
° _ |
0:99 |
|
qK |
11:55 |
|
x |
10 |
|
i |
1:05 |
|
h ~ |
0 :9 |
|
w |
1 |
|
± ~ |
4:2857 |
which gives rise to:
|
V alues | |
|
w + ±h |
4:857 |
|
° eq |
0:5704 |
|
° enq |
0:00433 |
T he reduction ofthegross return perunitofeX ciency impies a decrease
ofthepro>..tabi ityofentrepreneurship. A ctuallycu∣ai...ed entrepreneurs are
5. % , whi e non-cuai...ed entrepreneurs are0.39% Cfthepopulation. N on-
cuali.ed workers are 89.6% and cuali.ed workers are 4.3% ofprogenitors.
T able 2 summarizes the occupational structure of progenitors in each
scenario
|
I |
II |
III |
IV | |
|
W ,N Q |
0.5366 |
0.3833 |
0.69 |
0.89 6 |
|
E,N Q |
0.1633 |
0.1166 |
0.2099 |
0.0039 |
|
W ,Q |
0.08 |
0.205 |
0.01239 |
0.042 6 |
|
E,Q |
0.2199 |
0.29 5 |
0.08 6 |
0.05 |
T able 2: progenitors’ occupational structure.
3.1 ... WHENTECHNICAL IN EFFICIEN CY ISEX-
CLUSIVELY G EN ETIC (½=1)
I start analyzing the wealth accumulation dynamics and long- run ecuilib-
ria when technical ineΦ ciency is exclusivey genetic. T his impies ½ = 1 in
ecuation 1. In this case the wealth accumulation process is deterministic
and exclusively determined by progenitors' characteristics (degree ofineC-
ciencyand wealth). G raphicallyitmeans thatadynasty accumulates wealth
accordingtoa unicue accumulation function.
15
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