モリモト　ケイイチ   MORIMOTO KEIICHI   盛本　圭一    所属   明治大学  政治経済学部    職種   専任教授
言語種別	英語
発行・発表の年月	2025/11
形態種別	学術雑誌
標題	On a closed-form solution of the Brock–Mirman model with a finite horizon: A shadow-value interpretation
執筆形態	単著
掲載誌名	Social Science Research Network eLibrary
掲載区分	国外
出版社・発行元	Elsevier
巻・号・頁	abstract_id=5717942
概要	We develop a shadow-value interpretation of the finite-horizon Brock–Mirman model and use it to obtain an explicit, time-varying closed-form solution. Viewing one unit of current output as a shadow price yields a simple linear relation over time and a short geometric adjustment: as the horizon shortens, the saving share falls while the consumption share rises. We also show that the closed form survives under proportional taxes: return- and investment- side wedges operate through the effective return and thus govern adjustment speed, whereas a pure consumption tax shifts levels only.