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Behavioral Growth Theory: A Neoclassical Approach

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Title: Behavioral Growth Theory: A Neoclassical Approach
Author: Shrestha, Munik K.
Advisor: Ball, Richard J.; Ghosh, Indradeep
Department: Haverford College. Dept. of Economics
Type: Thesis (B.A.)
Issue Date: 2009
Honors: Department of Economics Prize Winning Thesis
Honors: 2009 Economics Department Thesis Prize
Abstract: How do material norms and aspirations on which individual judgments of well-being are based affect the growth dynamics of an economy? Do economies that weigh very highly of these norms grow differently from those economies that values these norms differently? This paper attempts to answer these questions by building a growth model, where the individual not only cares for its consumption but also evaluates its consumption with its perceived level of ideal consumption. We show that it is best for the economy that individuals ignore material aspirations when the economy is growing, whereas they should highly care about their material aspiration when the economy is depleting. We also show that role of individual's outlook is underestimated in contemporary growth theories.
Subject: Consumer behavior -- Econometric models
Subject: Quality of life -- Economic aspects
Subject: Economic security -- Econometric models
Access Restrictions: Open Access
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Shrestha, Munik K.. "Behavioral Growth Theory: A Neoclassical Approach". 2009. Available electronically from

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