Hosoya, Kei2024-01-262024-01-262024Hosoya, Kei (2024). "Endogenous time preference and infrastructure‑led growth with an unexpected numerical example". Portuguese Economic Journal, 23(1):3-321617-9838 (electronic)1617-982X (print)http://hdl.handle.net/10400.5/29965This paper shows the construction of a growth model that includes public infrastruc ture and a related externality and investigates the dynamic properties of the model for a specifc endogenous time preference function. After suggesting a saddle-path stability for long-term equilibrium under an endogenous time preference, numerical analysis of the model then reveals an unexpected relation between the strength of the externality, the magnitude of the rate of time preference, and the growth rate of the economy. In addition, it is found that multiple equilibria are unlikely to be supported empirically by the model in this paperengEndogenous time preferencePublic infrastructureCapital-deepening externalityNumerical analysisjournal article10.1007/s10258-022-00230-1